22(1)Where in accordance with the preceding provisions of this Part of this Schedule a claim holding is deemed to have been extinguished or the value of a claim holding is deemed to to have been reduced, the extinguishment or reduction, as the case may be, shall be deemed to have had effect immediately before the time of completion.
(2)References in this Part of this Schedule to the value of a claim holding are references to the value thereof immediately before the time of completion.