MENU

Section 229 of Insolvency Act CAP 53: Valuation of charge held by creditor and claim for balance due

    

This section applies if a creditor who holds a charge or security right over a bankrupt's property has the property valued and seeks to prove as an unsecured creditor for the balance due after deducting the amount of the valuation.
The creditor shall ensure that the valuation and the claim for the balance—
(a) is made in the prescribed creditor's claim form;
(b) contains full particulars of the valuation and the debt;
(c) contains full particulars of the charge (including the date when it was given) or a copy of the registration with respect to a security right; and
(d) identifies the documents (if any) that substantiate the debt and the charge or security right.
(3) If required to do so by the bankruptcy trustee, the creditor shall produce for inspection the documents so identified.
(4) Failure to comply with subsection (2), or with a requirement of the bankruptcy trustee under subsection (3), renders the creditor's claim invalid.

« Previous:   Section 228 - Realisation of property that is subject to a security          Next: »   Section 230 - Offence for secured creditor to make false claim

Disclaimer: This document is not to be taken as legal advise.

Enhance Your Research with Bookmarks and Annotations

Here's how you can use these features:

  • To bookmark this page, click the "Bookmark this Page" button below the document title.
  • To add an annotation, highlight text in the document and select "Add Annotation" from the toolbar that appears.
  • These features are great for organizing your research and keeping track of key information.
  • You can view and manage your bookmarks and annotations on your Bookmarks and Annotations page.

Cited By:

More Sections