3(1)Subject to sub-paragraph (2) below, the amount which a creditor shall be entitled to claim shall not include a debt in so far as its existence or amount depends upon a contingency.S
(2)On an application by the creditor—
(a)to the F1. . . trustee; or
(b)if there is no F1. . . trustee, to the [F2Accountant in Bankruptcy] ,
the F1. . . trustee or [F2Accountant in Bankruptcy] shall put a value on the debt in so far as it is contingent, and the amount in respect of which the creditor shall then be entitled to claim shall be that value but no more; and, where the contingent debt is an annuity, a cautioner may not then be sued for more than that value.
[F3(3)An interested person may apply to the Accountant in Bankruptcy for a review of a valuation under sub-paragraph (2) by the trustee.
(4)An application under sub-paragraph (3) must be made before the expiry of the period of 14 days beginning with the day of the valuation.
(5)If an application under subsection (3) is made, the Accountant in Bankruptcy must—
(a)take into account any representations made by an interested person before the expiry of the period of 21 days beginning with the day on which the application is made, and
(b)confirm or vary the valuation before the expiry of the period of 28 days beginning with the day on which the application is made.
(6)An interested person may appeal to the sheriff against a decision by the Accountant in Bankruptcy under subsection (5)(b) before the expiry of the period of 14 days beginning with the day of the decision.
(7)The Accountant in Bankruptcy may refer a case to the sheriff for a direction before making a decision under sub-paragraph (5)(b).
(8)An appeal to the sheriff under sub-paragraph (6) may not be made in relation to a matter on which the Accountant in Bankruptcy has applied to the sheriff for a direction under sub-paragraph (7).]
Textual Amendments
F1Words in Sch. 1 para. 3 repealed (1.4.2008) by Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), ss. 226, 227(3), Sch. 6 Pt. 1 (with s. 223); S.S.I. 2008/115, art. 3(2)(3), Sch. 2 (with arts. 4-6, 10 (as amended (with effect from 31.1.2011) by S.S.I. 2011/31, art. 5))
F2Words in Sch. 1 para. 3(2) substituted (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), ss. 37(a), 57(2); S.S.I. 2014/261, art. 3 (with arts. 4-7, 12) (as amended by S.S.I. 2015/54, art. 2)
F3Sch. 1 para. 3(3)-(8) substituted for Sch. 1 para. 3(3) (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), ss. 37(b), 57(2); S.S.I. 2014/261, art. 3 (with arts. 4-7, 12) (as amended by S.S.I. 2015/54, art. 2)