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The Railway Administration Order Rules 2001
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- UK Statutory Instruments
- 2001 No. 3352
- PART 4
- Article 4.6
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4.6 A creditor shall not vote in respect of a debt on, or secured by, a current bill of exchange or promissory note, unless he is willing—
(a)to treat the liability to him on the bill or note of every person who is liable on it antecedently to the protected railway company, and against whom a bankruptcy order has not been made (or, in the case of a company, which has not gone into liquidation), as a security in his hands, and
(b)to estimate the value of the security and, for the purpose of his entitlement to vote, to deduct it from his claim.
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