Section 7: Overstatement in bankruptcy notice

7. Overstatement in bankruptcy notice (1) Overstatement in a bankruptcy notice of the amount actually owing by the debtor shall not invalidate the notice, unless— (a) the debtor notifies the creditor in writing that he disputes the validity of the notice because it overstates the amount actually owing; and (b) the debtor makes that notification within the time specified in the notice for the debtor to comply with the notice. I14 – 15 [Issue 3] Insolvency Act (2) A debtor complies with a notice that overstates the amount actually owing by— (a) taking steps that would have been in compliance with the notice had it stated the correct amount owing such as by paying the creditor the correct amount owing plus costs; and (b) taking those steps within the time specified in the notice for the debtor to comply.