(1) Subject to the retention of such sums as may be necessary for the costs of administration, or otherwise, the trustee shall with all convenient speed, declare and distribute dividends amongst the creditors who have proved their debts.
(2) The first dividend, if any, shall be declared and distributed within 4 months after the conclusion of the first meeting of creditors, unless the Court is satisfied that there is sufficient reason for postponing the declaration to a later date.
(3) Subsequent dividends shall in the absence of sufficient reason to the contrary, be declared and distributed at intervals of not more than 6 months.
(4) Before declaring a dividend the trustee shall cause notice of his or her intention to do so to be gazetted and published in a local newspaper, and shall also send reasonable notice thereof to each creditor mentioned in the bankrupt's statement who has not proved his or her debt.
(5) When the trustee has declared a dividend, he or she shall send to each creditor who has proved, a notice showing the amount of the dividend, and when and how it is payable, and a statement in the prescribed form as to the particulars of the estate.