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Rule 2.94 Realisation of security by creditorF1

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)

If a creditor who has valued his security subsequently realises it (whether or not at the instance of the administrator)—

(a)

the net amount realised shall be substituted for the value previously put by the creditor on the security; and

(b)

that amount shall be treated in all respects as an amended valuation made by him.

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))