Hong Kong Regulations

PROOF OF DEBTS RULES - RULE 21

(Past version on 30/06/1997).

INTEREST

Debt payable at a future time

A creditor may prove for a debt not payable on the date of the bankruptcy
order as if it were payable presently, and may receive dividends equally with
the other creditors, deducting only thereout a rebate of interest at the rate
of 5 per cent per annum computed from the declaration of a dividend to the
time when the debt would have become payable, according to the terms on which
it was contracted. (L.N. 85 of 1998)
___________________________________________________________________ Notes: 1.
Please see the transitional provisions contained in s. 8 of L.N. 85 of 1998,
which section is reproduced as follows: "8. Transitional

Where before these Rules come into operation-

   (a)  a petition in bankruptcy has been presented; or

   (b)  a receiving order or adjudication in bankruptcy has been made, under
        the Ordinance, then the principal Rules as they existed before being
        amended by these Rules continue to apply to proceedings in respect of
        such a petition, receiving order or adjudication in bankruptcy."

2. L.N. 85 of 1998 came into operation on 1 April 1998.