Rule 125 Claims in a foreign currencyI1
Scotland
A creditor may state the amount of their claim in a currency other than sterling where—
the creditor’s claim is constituted by decree or other order made by a court ordering the institution to pay to the creditor a sum expressed in a currency other than sterling, or
where it is not so constituted, the creditor’s claim arises from a contract or bill of exchange in terms of which payment is or may be required to be made by the institution to the creditor in a currency other than sterling.
Where under paragraph (1) a claim is stated in a currency other than sterling the administrator must convert it into sterling at a single rate for each currency determined by the administrator by reference to the exchange rates prevailing in the London market at the close of business on the date on which the institution entered special administration.
On the next occasion when the administrator communicates with the creditors the administrator must advise them of any rate so determined.
A creditor who considers that the rate determined by the administrator is unreasonable may apply to the court.
If on hearing the application the court finds that the rate is unreasonable it may itself determine the rate.
The administrator must place a copy of any court order granted under paragraph (5) in the sederunt book.
Annotations
Commencement
- I1
Rule 125 in force at 19.12.2022, see rule 2