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).