PART 5 CLAIMS BY AND DISTRIBUTIONS TO CREDITORS

CHAPTER 2 Creditors’ claims in housing administration

5.15 Secured creditor: value of security
1 A secured creditor may, with the agreement of the housing administrator or the permission of the court, at any time alter the value which that creditor has put upon a security in a proof.
2 Where a secured creditor has voted in respect of the unsecured balance of the debt—
(a) the secured creditor may re-value the security only with the agreement of the housing administrator or the permission of the court; and
(b) where the revaluation was by agreement, the housing administrator must deliver a notice of the revaluation to the creditors within five business days after the housing administrator’s agreement.