Holders of negotiable instruments
This
adran has no associated
Memorandwm Esboniadol
28. A creditor must not vote in respect of a debt on, or secured by, a current bill of exchange or promissory note, unless the creditor is willing—
(a)to treat the liability to the creditor on the bill or note of every person who is liable on it antecedently to the energy supply company, and against whom a bankruptcy order has not been made (or, in the case of an energy supply company, which has not gone into liquidation), as a security in the creditor’s hands; and
(b)to estimate the value of the security and, for the purpose of the creditor’s entitlement to vote (but not for dividend), to deduct it from the creditor’s claim.