Commonwealth Consolidated Regulations

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Declaration and distribution of dividend

             (1)  The liquidator must, as soon as practicable, declare and distribute a dividend among the creditors whose debts or claims have been admitted.

             (2)  The liquidator must distribute as dividend all money in hand except enough:

                     (a)  to meet the costs of administration; or

                     (b)  to give effect to the provisions of the Act.

             (3)  If the liquidator declares a dividend, he or she must send a notice of that declaration, in accordance with Form 549, to every person entitled to receive payment of the dividend.

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