7.23.—(1) Subject to paragraph (2), the amount which a creditor is entitled to claim is not to include a debt in so far as its existence or amount depends on a contingency.
(2) On an application by the creditor—
(a)to the liquidator; or
(b)if there is no liquidator, to the court,
the liquidator or court must put a value on the debt in so far as it is contingent.
(3) Where under paragraph (2) a value is put on the debt—
(a)the amount in respect of which the creditor is then entitled to claim is to be that value but no more;
(b)where the contingent debt is an annuity, a cautioner may not then be sued for more than that value.
(4) Any interested person may appeal to the court against a valuation under paragraph (2) by the liquidator, and the court may affirm or vary that valuation.