Article 60 Debt in foreign currency

A proof for a debt incurred or payable in a currency other than sterling must state the amount of the debt in that currency.

The SMCL administrator must convert all such debts into sterling at a single rate for each currency determined by the SMCL administrator by reference to the exchange rates prevailing on the date on which the SMCL entered SMCL administration.

On the next occasion when the SMCL administrator communicates with the creditors the SMCL administrator must advise them of any rate so determined.

A creditor who considers that the rate determined by the SMCL 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.