juris

Section 10:

Bankruptcy Act · SECOND SCHEDULE

consolidated text (as at 2000). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

10. (1) It shall be competent to the trustee or the Official Receiver, within 28 days after a proof estimating the value of a security as aforesaid has been made use of in voting at any meeting, to require the creditor to give up the security for the benefit of the creditors generally, on payment of the value so estimated, with an addition of 20 per cent. B4 – 57 [Issue 1] Bankruptcy Act (2) Where a creditor has put a value on such security, he may, at any time before he has been required to give up such security as aforesaid, correct such valuation by a new proof, and deduct such new value from his debt, but in that case such addition of 20 per cent shall not be made if the trustee requires the security to be given up.

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