Singapore legislation
Regulation 124
of Insolvency, Restructuring and Dissolution (Personal Insolvency) Rules 2020
Regulation 124
Amendment of valuation
Subregulation 1
Without limiting regulation 54 of the Bankruptcy Regulations, where a secured creditor has valued the secured creditor’s security, the secured creditor may at any time amend the valuation (called in this rule the previous valuation) and proof on showing to the satisfaction of the Court that —
the previous valuation and proof were made bona fide on a mistaken estimate; or
the security has diminished or increased in value since the previous valuation.
Subregulation 2
Every amendment under paragraph (1) —
is to be made at the cost of the secured creditor; and
must be made upon such terms as the Court orders.
Subregulation 3
An order of the Court permitting an amendment under paragraph (1) must be served by the secured creditor on the trustee of the bankrupt’s estate in question.
Subregulation 4
Where a valuation of a security has been amended in accordance with paragraph (1) and the amended valuation is higher than the previous valuation, the secured creditor must immediately repay any surplus dividend which the secured creditor has received in excess of that to which the secured creditor would have been entitled on the amended valuation.
Subregulation 5
Subject to paragraph (6), where a valuation of a security has been amended in accordance with paragraph (1) and the amended valuation is lower than the previous valuation, the secured creditor is entitled to be paid out of any moneys for the time being available for dividend any dividend or share of dividend which the secured creditor failed to receive by reason of the inaccuracy of the previous valuation, before those moneys are made applicable to the payment of any future distribution.
Subregulation 6
The secured creditor mentioned in paragraph (5) is not entitled to disturb the distribution of any dividend declared before the date of the amendment of the valuation under paragraph (1).