Section 232 of Insolvency Act CAP 53: Secured creditor who surrenders charge may with approval of the Court withdraw claim or submit a new claim
(1) This section applies to a creditor who has surrendered a charge under option 3 in section 226(2) or is taken to have surrendered the charge under section 226(4).
(2) The creditor may, with the approval of the Court or the bankruptcy trustee and subject to the terms that the Court or that trustee imposes—
(a) withdraw the surrender and rely on the charge; or (b) submit a new creditor's claim under this Division.
(3) Subsection (2) does not apply if the bankruptcy trustee has already realised the property that is subject to the charge.
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(1) As soon as practicable after the Court has approved a composition—
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