Commonwealth Consolidated Regulations

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Rights of creditor who has not proved debt before declaration of dividend

             (1)   If:

                     (a)  a creditor's debt or claim has not been admitted before the declaration of a dividend; and

                     (b)  the debt or claim is admitted;

the creditor is entitled to be paid dividends that the creditor has failed to receive, out of any available money for the time being in the hands of the liquidator, before that money is applied to the payment of a further dividend.

             (2)   A creditor is not entitled to disturb the distribution of a dividend declared before the creditor's debt or claim was admitted.

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