Secured creditor: value of securityE+W
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.