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Rule 6.119 Realisation of security by creditorI1

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)

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

(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

Commencement

I1

Rule 6.119 in force at 29.12.1986, see rule 0.1