29.—(1) In calculating the amount of his claim, a secured creditor shall deduct the value of any security as estimated by him;
Provided that if he surrenders, or undertakes in writing to surrender, a security for the benefit of the protected energy company’s assets, he shall not be required to make a deduction of the value of that security.
(2) The energy administrator may, at any time after the expiry of 12 weeks from the date on which the protected energy company enters energy administration, require a secured creditor to discharge the security or convey or assign it to the energy administrator on payment to the creditor of the value specified by the creditor (the expense of such discharge, conveyance or assignation being met from the assets of the protected energy company); and the amount in respect of which the creditor shall then be entitled to claim shall be any balance of his debt remaining after receipt of such payment.
(3) In calculating the amount of his claim, a creditor whose security has been realised shall deduct the amount (less the expenses of realisation) which he has received, or is entitled to receive, from the realisation.