Chapter: 32  COMPANIES ORDINANCE

Section Num: 227E  Version Date 30/06/1997

Proof of debts

(1) In the case of a bank, any creditor who is a depositor, whether on current, savings, deposit, fixed deposit or other account, shall, unless and until the Official Receiver or liquidator by notice in writing requires him to make a formal proof of debt, be deemed to have proved his debt-

(a) for voting purposes, for the net balance to his credit in the books of the bank on all his accounts taken together, at the relevant date,

(b) for dividend purposes, for the said balance plus or minus, as the case may be, the net amount of interest accrued due by or to the bank on the said accounts at the relevant date.

(2) Any debt which is deemed to have been proved by virtue of subsection (1) shall be treated as if a proof thereof had been duly lodged in due time with the Official Receiver or liquidator, and had been admitted for voting and dividend purposes respectively for the said amounts stated in subsection (1).

(3) In subsection (1), the expression "the relevant date" shall have the meaning assigned to it by section 265(6).

(Added 22 of 1965 s. 2)