Rule 4.91 Debt in foreign currencyI1C1
England and Wales
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 went into liquidation F1or, if the liquidation was immediately preceded by an administration, on the date that the company entered administration.
“The official exchange rate” is the F2middle 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
Words in rule 4.91(1) inserted (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 24 (with rule 3(1))
- F2
Words in rule 4.91(2) substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 20
Modifications
- C1
Rule 4.91 excluded (26.12.2003) by The Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226), regs. 1(2), 14