4.3 What happens to the money gathered in?
Trustees will consider whether they are able to make any payments to creditors from the funds they gather in. They will invite claims and proof of the debt from all known creditors. Any payments made may not cover the full amount of the debt and can only be made once other costs, such as the trustee's fees and outlays, are met. The petitioning creditor is treated equally with other creditors although the costs of presenting the petition will be paid before other claims.
Claims must be made on a creditor's claim form which can be obtained directly from the Accountant in Bankruptcy or from the website at www.aib.gov.uk .