Section 10:
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
10. (1) The Official Receiver or liquidator may at any time, by notice in writing,
require a secured creditor, within one month after receipt of the notice, to—
(a) choose one of the options in paragraph 9 (1); and
(b) if the creditor chooses the second or third option, exercise that option within the one month period.
(2) A secured creditor who has been served with a notice under subparagraph (1) and fails to comply—
(a) is treated as having surrendered the security to the Official Receiver
or liquidator under the option in paragraph 9 (1) (c) for the general
benefit of the creditors; and
(b) may prove as an unsecured creditor for the whole debt.