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Article 69 Realisation of security by creditor

Original text. Later amendments are not shown.

If a creditor who has valued the creditor’s security subsequently realises it (whether or not at the instance of the SMCL administrator)—

(a)

the net amount realised must be treated in all respects (including in relation to any valuation in a proof) as an amended valuation made by the creditor; and

(b)

the creditor may prove for the balance of the creditor’s debt.