Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 17 · Administration in Bankruptcy
349. Valuation of property
Feedback & supportIf a secured creditor does not either realise or surrender the secured creditor’s security, the secured creditor must, before ranking for dividend, state in the secured creditor’s proof the particulars of the security, the date when it was given and the value at which the secured creditor assesses it, and the secured creditor is entitled to receive a dividend only in respect of the balance due to the secured creditor after deducting the value so assessed.
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 Official Assignee is dissatisfied with the value at which a security is assessed, the Official Assignee may require that the property comprised in any security so valued be offered for sale and on such terms and conditions as are agreed on between the creditor and the Official Assignee, and, in default of agreement, as the Court may direct.
Official Assignee
“Official Assignee” means the Official Assignee appointed under section 16(1) and includes a Deputy Official Assignee, a Senior Assistant Official Assignee and an Assistant Official Assignee;