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Rule 4.88 Secured creditorsI1

England and Wales

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)

If a secured creditor realises his security, he may prove for the balance of his debt, after deducting the amount realised.

(2)

If a secured creditor voluntarily surrenders his security for the general benefit of creditors, he may prove for his whole debt, as if it were unsecured.

Annotations

Commencement

I1

Rule 4.88 in force at 29.12.1986, see rule 0.1