Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
348. Surrender of security for non-disclosure
Feedback & supportIf a secured creditor omits to disclose the secured creditor’s security, the secured creditor must surrender the security for the general benefit of creditors, unless the Court, on application by the secured creditor, relieves the secured creditor from the effect of this section on the ground that the omission is inadvertent or the result of an honest mistake.
secured creditor
“secured creditor”, in relation to a debtor, means a person holding a mortgage, pledge, charge, lien or other security on or against the property of the debtor or any part of such property as security for a debt due to the person from the debtor;
If the Court grants relief to the secured creditor, the Court may direct that the secured creditor’s proof of debt be amended on such terms as the Court thinks just.
An order of the Court relieving a secured creditor of a bankrupt from the effect of this section must be served on the Official Assignee.
bankrupt
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;