PART 14CLAIMS BY AND DISTRIBUTIONS TO CREDITORS IN ADMINISTRATION, WINDING UP AND BANKRUPTCY

CHAPTER 2Creditors’ claims in administration, winding up and bankruptcy

Secured creditor: test of security’s value14.18

1

If the office-holder is dissatisfied with the value which a secured creditor puts on a security in the creditor’s proof the office-holder may require any property comprised in the security to be offered for sale.

2

The terms of sale will be as agreed between the office-holder and the secured creditor, or as the court may direct.

3

If the sale is by auction, the office-holder on behalf of the company or the insolvent estate and the creditor may bid.

4

This rule does not apply if the value of the security has been altered with the court’s permission.