Article 68 Test of security’s value

If the SMCL 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 65), the SMCL 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 SMCL administrator and the secured creditor, or as the court may direct; and if the sale is by auction, the SMCL administrator on behalf of the SMCL, 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.