The Insolvency (England and Wales) Rules 2016

Secured creditor: value of security

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.