Division 1 Creditors’ meetings
Division 2 Statements of affairs
Division 3 Trading accounts, etc., of bankrupt’s business
Division 4 Settlement of list of debtors to estate
Division 5 Monthly contribution and target contribution
Division 6 Procedure for proving of debts and quantification of claims in proofs
Division 7 Secured creditors
Division 8 Taking accounts and sale of mortgaged property
Division 9 Admission and rejection of proofs
Division 10 Acceptance of composition or scheme
Division 11 Disclaimers
Division 12 Realisation of bankrupt’s property
Division 13 Special manager
Division 14 Distribution of dividends
| Division 7 — Secured creditors |
| Secured creditors |
| Amendment of valuation on satisfaction of trustee |
54.—(1) Without limiting rule 124 of the Personal Insolvency Rules, where a secured creditor has valued the secured creditor’s security, the secured creditor may at any time amend the valuation (called in this regulation the previous valuation) and proof on showing to the satisfaction of the trustee of the bankrupt’s estate in question that —
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| Realisation of security |
55. If a creditor, after having valued the creditor’s security, subsequently realises it, or if it is realised under section 349 of the Act, the net amount realised —
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| Maximum amount receivable by creditor |
| 56. Subject to section 349 of the Act, a creditor may not in any case receive more than 100 cents in the dollar and interest as provided by the Act. |