Article 4 Matters to be disregarded in determining the value of an interest for the purposes of Article 286A(2)

After Article 3 of the principal Order there shall be inserted—

“4

The High Court shall, in determining the value of the bankrupt’s interest for the purposes of Article 286A(2)^f1, disregard that part of the value of the property in which the bankrupt’s interest subsists which is equal to the value of:

(a)

any loans secured by mortgage or other charge against the property;

(b)

any other third party interest; and

(c)

the reasonable costs of sale.”