SCHEDULE 2DETERMINATION OF AMOUNT OF CREDITOR'S CLAIM

Debts depending on contingency

I13

1

The amount which a creditor is entitled to claim does not include a debt in so far as its existence or amount depend on a contingency.

2

But sub-paragraph (1) is subject to sub-paragraph (3).

3

On an application by the creditor—

a

to the trustee in the sequestration, or

b

if there is no trustee, to AiB,

the trustee, or AiB, must put a value on the debt in so far as it is contingent.

4

The amount in respect of which the creditor is then entitled to claim is that value but no more.

5

And where the contingent debt is an annuity, a cautioner may not then be sued for more than that value.

6

An interested person may apply to AiB for a review of a valuation under sub-paragraph (3) by the trustee.

7

Any application under sub-paragraph (6) must be made within 14 days beginning with the day of the valuation.

8

If an application under sub-paragraph (6) is made, AiB must—

a

take into account any representations made by an interested person within 21 days beginning with the day on which the application is made, and

b

confirm or vary the valuation within 28 days beginning with that day.

9

An interested person may appeal to the sheriff against a decision by AiB under sub-paragraph (8)(b) within 14 days beginning with the day of the decision.

10

AiB may refer a case to the sheriff for a direction before making a decision under sub-paragraph (8)(b).

11

An appeal to the sheriff under sub-paragraph (9) may not be made in relation to a matter on which AiB has applied for a direction under sub-paragraph (10).