554J
In forceSubsequent realisation of security interest
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.6Winding up generally
Division 6Proof and ranking of claims
Subdivision CSpecial provisions relating to secured creditors of insolvent companies
554J Subsequent realisation of security interest
Where:
(a)
a secured creditor’s proof of debt is in respect of the balance due after deducting the creditor’s estimate of the value of the security interest; and
(b)
subsequently:
(i)
the creditor realises the security interest; or
(ii)
the security interest is realised under section 554F;
the net amount realised is to be substituted for the estimated value of the security interest and section 554H applies as if the proof of debt had been amended accordingly under section 554G.
This Act’s bill:Explanatory memorandumSecond reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.