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Rule 2.86 Debt in foreign currencyF1C1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • rule 4.54(5-CVL) substituted for rule 4.54(5) by Insolvency 2010 Sch. 1 para. 179(5)
(1)

For the purpose of proving a debt incurred or payable in a currency other than sterling, the amount of the debt shall be converted into sterling at the official exchange rate prevailing on the date when the company entered administration F2or, if the administration was immediately preceded by a winding up, on the date that the company went into liquidation.

(2)

“The official exchange rate” is the middle exchange rate on the London Foreign Exchange Market at the close of business, as published for the date in question. In the absence of any such published rate, it is such rate as the court determines.

Annotations

Textual amendments

F1

Pt. 2 substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 9 (with rule 5(2)-(4))

F2

Words in rule 2.86(1) inserted (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 10 (with rule 3(1))

Modifications

C1

Rule 2.86 excluded (26.12.2003) by The Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226), regs. 1(2), 14