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The Insolvency Rules (Northern Ireland) 1991
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Test of security's value
6.115.—(1) Subject to paragraphs (2) and (3), the trustee, if he is dissatisfied with the value which a secured creditor puts on his security (whether in his proof or by way of re-valuation under Rule 6.114), may require any property comprised in the security to be offered for sale.
(2) The terms of sale shall be such as may be agreed, or as the court may direct; and if the sale is by auction, the trustee on behalf of the estate, and the creditor on his own behalf, may appear and bid.
(3) This Rule does not apply if the security has been re-valued and the revaluation has been approved by the court.
[E.R.6.118]
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