Rule 56 Debt in foreign currency

A proof for a debt incurred or payable in a currency other than sterling must state the amount of the debt in that currency.

The T&S administrator must convert all such debts into sterling at a single rate for each currency determined by the T&S administrator by reference to the exchange rates prevailing on the date on which the T&S company entered T&S administration.

On the next occasion when the T&S administrator communicates with the creditors the T&S administrator must advise them of any rate so determined.

A creditor who considers that the rate determined by the T&S administrator is unreasonable may apply to the court.

If, on hearing the application, the court finds that the rate is unreasonable it may itself determine the rate.