{
  "url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991/rule-4.104",
  "json_url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991/rule-4.104.json",
  "legislation": "nisr/1991/364",
  "legislation_title": "The Insolvency Rules (Northern Ireland) 1991",
  "legislation_url": "https://openlegislation.uk/insolvency-rules-northern-ireland-1991",
  "path": "rule/4.104",
  "kind": "rule",
  "number": "4.104",
  "heading": "Test of security's value",
  "text": "(1) Subject to paragraph (2), the liquidator, if he is dissatisfied with the value which a secured creditor puts on his security (whether in his proof or by way of re-valuation under Rule 4.103), may require any property comprised in the security to be offered for sale.\n(2) The terms of sale shall be such as may be agreed, or as the court may direct; and if the sale is by auction, the liquidator on behalf of the company, and the creditor on his own behalf, may appear and bid.\n[E.R.4.98]",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "applied",
      "affecting": "nisr/2009/64",
      "affecting_title": "The Bank Insolvency Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "substituted",
      "affecting": "nisr/2000/247",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2000"
    },
    {
      "type": "words inserted",
      "affecting": "nisr/2006/47",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2006"
    },
    {
      "type": "inserted",
      "affecting": "nisr/2008/118",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2008"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied with modifications by rule 58",
      "affecting": "nisr/2009/63",
      "affecting_title": "The Bank Administration Rules (Northern Ireland) 2009"
    },
    {
      "type": "applied",
      "affecting": "nisr/2009/122",
      "affecting_title": "The Bank Insolvency (No. 2) Rules (Northern Ireland) 2009"
    },
    {
      "type": "word omitted",
      "affecting": "nisr/2023/15",
      "affecting_title": "The Insolvency (Amendment) Rules (Northern Ireland) 2023"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisr/1991/364/rule/4.104",
    "retrieved_at": "2026-10-29T03:01:04.461259+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}