# The Insolvency Rules 1986, Rule 2.40: Secured creditors


(1) At a meeting of creditors a secured creditor is entitled to vote only in respect of the balance (if any) of his debt after deducting the value of his security as estimated by him.
(2) However, in a case where the administrator has made a statement under paragraph 52(1)(b) and an initial creditors' meeting has been requisitioned under paragraph 52(2) then a secured creditor is entitled to vote in respect of the full value of his debt without any deduction of the value of his security.

---
Source: https://www.legislation.gov.uk/uksi/1986/1925/rule/2.40 (the official version)
Page: https://openlegislation.uk/insolvency-rules-1986/rule-2.40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.