# The Insolvency Rules 1986, Rule 2.86: Debt in foreign currency


(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 or, 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.

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Source: https://www.legislation.gov.uk/uksi/1986/1925/rule/2.86 (the official version)
Page: https://openlegislation.uk/insolvency-rules-1986/rule-2.86
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.