# The Water Industry (Special Administration) (England and Wales) Rules 2024, Rule 98: Secured creditor: value of security (rule 14.15)


Rule 14.15 has effect as if—
(a) for paragraph (2) there were substituted—
“(2) Where a secured creditor has voted in respect of the unsecured balance of the debt—
(a) the secured creditor may re-value the security only with the agreement of the special administrator or the permission of the court; and
(b) where the revaluation was by agreement, the special administrator must deliver a notice of the revaluation to the creditors within five business days of the special administrator’s agreement.”;
(b) paragraph (3) were omitted.

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Source: https://www.legislation.gov.uk/uksi/2024/229/rule/98 (the official version)
Page: https://openlegislation.uk/water-industry-special-administration-england-and-wales-rules-2024/rule-98
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.