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The Insolvency (England and Wales) Rules 2016

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Changes over time for: Section 14

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Version Superseded: 19/03/2024

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Point in time view as at 06/04/2017. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the The Insolvency (England and Wales) Rules 2016, Section 14. Help about Changes to Legislation

Secured creditor: value of securityE+W

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14.15.—(1) A secured creditor may, with the agreement of the office-holder or the permission of the court, at any time alter the value which that creditor has put upon a security in a proof.

(2) Paragraph (3) applies where a secured creditor—

(a)being the applicant for the administration order or the appointer of the administrator, has in the application or the notice of appointment put a value on the security;

(b)being the petitioner in winding-up or bankruptcy proceedings, has put a value on the security in the petition; or

(c)has voted in respect of the unsecured balance of the debt.

(3) Where this paragraph applies—

(a)the secured creditor may re-value the security only with the agreement of the office-holder or the permission of the court; and

(b)where the revaluation was by agreement, the office-holder must deliver a notice of the revaluation to the creditors within five business days after the office-holder's agreement.

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