Section 62: Calculation of dividends — Provincial Insolvency Act, 1920

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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62. Calculation of dividends.___ (1) In the calculation of dividends, the receiver shall retain in his hands sufficient assets to meet___ (a) debts provable under this Act and appearing, from the insolvent’s statement or otherwise, to be due to persons resident in places so distant that in the ordinary course of communication they have not had sufficient time to tender their proofs ; (b) debts provable under this Act, the subject of claims not yet determined ; (c) disputed proofs or claims ; and (d) the expenses necessary for the administration of the estate or otherwise. (2) Subject to the provisions of sub-section (1), all money in hand shall be distributed as dividends.

Effective date: 1920-01-01

Related sections

Section 61: Priority of debts Section 63: Right of creditor who has not proved debt before declaration of a dividend. Any Section 60: Special provisions in regard to immovable property Section 64: Final dividend. When the receiver has realised all the property of the insolvent or so much Section 59A: Power to require information regarding insolvent’s property Section 65: No suit for dividend. No suit for a dividend shall lie against the receiver; but where the

Version provincial-insolvency-act-1920~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.