Rule 63 Test of security’s valueI1
England and Wales
(1)
Subject as follows, if the postal administrator is dissatisfied with the value which a secured creditor puts on their security (whether in their proof or by way of re-valuation under Rule 60) the postal administrator may require any property comprised in the security to be offered for sale.
(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 postal administrator on behalf of the company, and the creditor on his own behalf, may appear and bid.
(3)
This Rule does not apply if the security has been re-valued and the revaluation has been approved by the court.