# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 133: Debt in a foreign currency

Extent: E+W

(1) A proof for a debt incurred or payable in a foreign currency must state the amount of the debt in that currency.
(2) The administrator must convert all such debts into sterling at a single rate for each currency determined by the administrator by reference to the exchange rates prevailing on the date the institution entered special administration.
(3) On the next occasion when the administrator communicates with the creditors the administrator must advise them of any rate so determined.
(4) A creditor who considers that the rate determined by the administrator is unreasonable may apply to the court.
(5) If on hearing the application the court finds that the rate is unreasonable it may itself determine the rate.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/133 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-133
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.