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6.117.—(1) The trustee may at any time give notice to a creditor whose debt is secured that he proposes, at the expiration of 28 days from the date of the notice, to redeem the security at the value put upon it in the creditor's proof.
(2) The creditor then has 21 days (or such longer period as the trustee may allow) in which, if he so wishes, to exercise his right to re-value his security (with the leave of the court, where Rule 6.115(2) applies).
If the creditor re-values his security, the trustee may only redeem at the new value.
(3) If the trustee redeems the security, the cost of transferring it is borne by the estate.
(4) A secured creditor may at any time, by a notice in writing, call on the trustee to elect whether he will or will not exercise his power to redeem the security at the value then placed on it; and the trustee then has 6 months in which to exercise the power or determine not to exercise it.
Commencement Information
I1Rule 6.117 in force at 29.12.1986, see rule 0.1
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