{
  "url": "https://openlegislation.uk/insolvency-england-and-wales-rules-2016/rule-14.21",
  "json_url": "https://openlegislation.uk/insolvency-england-and-wales-rules-2016/rule-14.21.json",
  "legislation": "uksi/2016/1024",
  "legislation_title": "The Insolvency (England and Wales) Rules 2016",
  "legislation_url": "https://openlegislation.uk/insolvency-england-and-wales-rules-2016",
  "path": "rule/14.21",
  "kind": "rule",
  "number": "14.21",
  "heading": "Debts in foreign currency",
  "text": "(1) A proof for a debt incurred or payable in a foreign currency must state the amount of the debt in that currency.\n(2) The office-holder must convert all such debts into sterling at a single rate for each currency determined by the office-holder by reference to the exchange rates prevailing on the relevant date.\n(3) On the next occasion when the office-holder communicates with the creditors the office-holder must advise them of any rate so determined.\n(4) A creditor who considers that the rate determined by the office-holder is unreasonable may apply to the court.\n(5) If on hearing the application the court finds that the rate is unreasonable it may itself determine the rate.\n(6) This rule does not apply to the conversion of foreign currency debts in an application for a debt relief order.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "Rule 14.21 excluded (23.4.2019) by S.I. 2003/3226, reg. 14 (as amended by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 3(3)(a))"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Rules 14.1-14.24 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 86-103, Sch. (with rule 2(2))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2016/1024/rule/14.21",
    "retrieved_at": "2026-10-28T23:19:01.539785+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}