The software tracks a control figure for each creditor.
The value appearing on the Form 5602/5603 is the 'Control Value' that appears on the Creditor Listing reports:
- Creditor Claim Type Summary
- Creditor claims as at Date
- Creditor Listing by Claim Type
The control value is used for reporting the value of creditors at a date. The control value is the later of:
e.g. If a creditor
1. Has a ROCAP value of $150
2. Has advised their claim is higher $160
3. Lodges a claim for $180
4. Is admitted for $155
The control value is $155 being the latest, most relevant figure in the claim process.
There is one complication when dealing with employee claims
If the claim is entered as
- The amount reported for LSL will be $0 because a 'later' amount was entered for wages.
- The Estimated value reported on the Form 5602/5603 does not take into account any distributions as per below ASIC guidance:
- See How-to-flag-a-creditors-as-not-having-a-claim
Tips on completing - Estimated Liabilities
• The estimated value of creditors’ claims is an estimate of the gross amount owed to creditors.
Please do not net off amounts for dividend payments.
Control Value and dividends
In the form 5602/5603 The cumulative rate actually paid is based on the total amount paid to creditors, divided by the creditor control value. This includes all unadmitted or unfinalised creditor claims. If a creditor does not have a claim which should be included in the control value, it will be necessary to mark the creditor as having no claim via the right hand click popup menu option on the creditor register.
The Form 5602/5603 reports one totalled dividend amount and rate per class of creditor paid even if more than one dividend was paid for each class. Since the total of admitted claims can change between dividends, the overall rate for all the dividends paid is calculated based on the control value, which is the system's best estimate of the total of creditor claims at any one point in time. The system does not track the admitted value of claims over time.