The Insolvency (England and Wales) Rules 2016 No. 1024

PART 14 E+W CLAIMS BY AND DISTRIBUTIONS TO CREDITORS IN [F1 A MORATORIUM,] ADMINISTRATION, WINDING UP AND BANKRUPTCY

Textual Amendments

F1 Words in Pt. 14 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 52 (with rules 4, 5)

CHAPTER 2 E+W Creditors' claims in [F2 a moratorium,] administration, winding up and bankruptcy

Textual Amendments

F2 Words in Pt. 14 Ch. 2 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 54 (with rules 4, 5)

Secured creditor: test of security's value E+W

14.18.— [F3 (A1) This rule does not apply where a proof is submitted for the purpose of a decision procedure in respect of a moratorium under Part A1 of the Act.]

(1) If the office-holder is dissatisfied with the value which a secured creditor puts on a security in the creditor's proof the office-holder may require any property comprised in the security to be offered for sale.

(2) The terms of sale will be as agreed between the office-holder and the secured creditor, or as the court may direct.

(3) If the sale is by auction, the office-holder on behalf of the company or the insolvent 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.

Textual Amendments

F3 Rule 14.18(A1) inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 58 (with rules 4, 5)

Modifications etc. (not altering text)

C1 Rules 14.1-14.24 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 86-103, Sch. (with rule 2(2))