Section 11:
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.
11. (1) A secured creditor who realises property subject to a security may
prove as an unsecured creditor for any balance due after deducting the net
amount realised.
(2) Subsection (1) does not apply if the liquidator has accepted a valuation
and proof of debt under paragraph 12.
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Insolvency Act
(3) A secured creditor who realises property subject to a security must account to the Official Receiver or liquidator for any surplus remaining after the
following amounts have been paid—
(a) the amount of the debt;
(b) interest payable on the debt up to the time when it is paid;
(c) any proper payments to the holder of any other security in the property.