Secured creditor: test of security’s value
This section has no associated Explanatory Memorandum
14.18.—(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.