Rule 64 Test of security’s value

Paragraph (2) applies if the nuclear administrator is dissatisfied with the value which a secured creditor puts on the creditor’s security, whether in the creditor’s proof or by way of revaluation under rule 61.

The nuclear administrator may require any property comprised in the security to be offered for sale.

The terms of the sale must be such as may be agreed between the nuclear administrator and the secured creditor, or as the court may direct.

If the sale is by auction, the nuclear administrator on behalf of the relevant licensee nuclear company, and the creditor on the creditor’s own behalf, may appear and bid.

This rule does not apply if the value of the security has been altered with the court’s permission.