PART 5 CLAIMS BY AND DISTRIBUTIONS TO CREDITORS

CHAPTER 2 Creditors’ claims in housing administration

5.18 Secured creditor: test of security’s value
1 If the housing administrator is dissatisfied with the value which a secured creditor puts on a security in the creditor’s proof, the housing administrator may require any property comprised in the security to be offered for sale.
2 The terms of sale is to be as agreed between the housing administrator and the secured creditor, or as the court may direct.
3 If the sale is by auction, the housing administrator, on behalf of the registered provider or the estate, and the creditor may bid.
4 This rule does not apply if the value of the security has been altered with the court’s permission.