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5.24. Discounts

LEGAL ENTITIES LEGISLATION

REGULATIONS

RULES

COMPANIES RULES

SPECIAL PURPOSE COMPANY RULES

GENERAL PARTNERSHIP RULES

LIMITED PARTNERSHIP RULES

LIMITED LIABILITY PARTNERSHIP RULES

NON-PROFIT INCORPORATED ORGANIZATIONS RULES

INSOLVENCY RULES

PART 1: GENERAL

PART 2: VOLUNTARY ARRANGEMENTS

PART 3: MORATORIUM

PART 4: RECEIVERSHIP

PART 5: WINDING UP

5.1. Disapplication of provisions of Part 5 for Voluntary Winding Up

5.2. Statutory demand

5.3. Presentation of winding up petition etc.

5.4. Advertisement of petition

5.5. Notice of winding up order and appointment of Provisional Liquidator

5.6. Requirement to prepare statement of affairs etc.

5.7. Access of Liquidator to accounts etc.

5.8. Liquidator may require further disclosure

5.9. General rule about reporting

5.10. First meetings of creditors and contributories

5.11. First Meeting of Creditors and First Meeting of Contributories

5.12. Report by Directors updating statement of affairs

5.13. Specific provisions about creditors meetings in liquidation

5.14. Admission and rejection of Proofs at creditors meetings

5.15. Additional meeting provisions for Authorised Persons and Ancillary Service Providers

5.16. Proof of Debts in liquidation

5.17. Particulars of creditor’s claim

5.18. Liquidator must allow inspection of Proofs

5.19. Admission and rejection of Proofs for dividend

5.20. Appeal against decision on Proof

5.21. Withdrawal or variation of Proof

5.22. Debts without a certain value

5.23. Secured creditors

5.24. Discounts

5.25. Mutual credits and set-off

5.26. Debts in foreign currency

5.27. Payments of periodical nature

5.28. Interest on Debts

5.29. Debts payable at future times

5.30. Secured creditors

5.31. Appointment of Liquidator by creditors or members

5.32. Final meeting of creditors before dissolution

5.33. Liquidator’s remuneration

5.34. Orders by Court about Liquidator’s remuneration

5.35. Power of Court to set aside certain transactions

5.36. Rule against solicitation

5.37. Obligations of Liquidator to liquidation committee

5.38. Meetings of liquidation committee etc.

5.39. Creditor Member vacancy on liquidation committee

5.40. Liquidation committee: voting rights and resolutions

5.41. Liquidator’s reports to liquidation committee

5.42. Expenses of members of liquidation committee

5.43. Formal defects in relation to liquidation committee

5.44. General duties of Liquidator

5.45. Distributing assets

5.46. Debts of Company to rank equally

5.47. Final distribution

5.48. Disclaiming onerous property

5.49. Contributories

5.50. General rule about priority

5.51. Priority for winding up commencing as Voluntary Winding Up

5.52. Saving for powers of the Court

5.53. Confidentiality of Documents

PART 6: REGISTRATION OF INSOLVENCY PRACTITIONERS AND OFFICIAL LIQUIDATORS

PART 7: FINANCIAL MARKETS

PART 8: MISCELLANEOUS

PART 9: PROTECTED CELL COMPANIES

SCHEDULE 1: MEETINGS

SCHEDULE 2: CREDITORS COMMITTEE

SCHEDULE 3: REQUIRED CONTENT FOR STATEMENT OF AFFAIRS

SCHEDULE 4: INTERPRETATION

PREFERENTIAL CREDITOR RULES

VENTURE STUDIO RULES

WAIVERS AND MODIFICATIONS

OTHER

FINANCIAL SERVICES LEGISLATION

POLICIES AND POLICY STATEMENTS

5.24. Discounts

In the winding up of a Company, a creditor’s claim must be reduced by all trade and other discounts (other than any discount for immediate, early or cash settlement) that would have been available to the Company if it were not in liquidation.

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5.24. Discounts

In the winding up of a Company, a creditor’s claim must be reduced by all trade and other discounts (other than any discount for immediate, early or cash settlement) that would have been available to the Company if it were not in liquidation.