Article 3 Matters to be disregarded in determining the value of an interest for the purposes of section 313A(2)

After Article 4 of the principal Order there shall be inserted—

“5.

The court shall, in determining the value of the bankrupt’s interest for the purposes of section 313A(2), 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.”.