The general rules for payment of dividends to creditors are:

• Only admitted claims can be paid;
• All assets must have been realised and all enforceable debts and liabilities proven before a dividend payout is made;
• The liquidator and creditors must clear mutual debts and credits through set-off; (S434 CA imports mandatory set-off rules from S35 Bankruptcy Act Chap 9:07)
• Sometimes, in a lengthy liquidation, an interim dividend payment (of so many cents on the dollar) can be made;
• If 100% payout on claims cannot be made, each unsecured creditor would be paid an equal proportion of the amount owed to the creditor (pari passu).