Rule 63 Redemption by T&S administrator

The T&S administrator may at any time deliver a notice to a creditor whose debt is secured that the T&S administrator proposes, at the expiration of 28 days from the date of the notice, to redeem the security at the value put upon it in the creditor’s proof.

The creditor may, within 21 days of the date of delivery of the notice (or such longer period as the T&S administrator may allow), alter the value of the creditor’s security in accordance with rule 61.

If the creditor alters the value of the security in accordance with rule 61, the T&S administrator may only redeem at the new value.

If the T&S administrator redeems the security, the cost of transferring it is payable as an expense out of the T&S company’s assets.

A secured creditor may at any time deliver a notice to the T&S administrator requiring the T&S administrator to elect whether or not to redeem the security at the value then placed on it.

The T&S administrator has three months from the date of delivery of a notice under paragraph (5) in which to redeem the security or elect not to redeem the security.