Singapore legislation
Regulation 53
of Insolvency, Restructuring and Dissolution (Bankruptcy) Regulations 2020
Regulation 53
Secured creditors
Subregulation 1
If a secured creditor realises the secured creditor’s security, the secured creditor may prove for the balance due to the secured creditor after deducting the net amount realised.
Subregulation 2
If a secured creditor surrenders the secured creditor’s security to the trustee of the bankrupt’s estate in question for the general benefit of the creditors, the secured creditor may prove for the whole debt due to the secured creditor.