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CORPORATIONS ACT 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Division 6 - Proof and ranking of claims  

Subdivision C - Special provisions relating to secured creditors of insolvent companies  

SECTION 554G  AMENDMENT OF VALUATION  

554G(1)  

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If 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, the creditor may, at any time, apply to the liquidator or the Court for permission to amend the proof of debt by altering the estimated value.

554G(2)  

If the liquidator or the Court is satisfied:


(a) that the estimate of the value of the security interest was made in good faith on a mistaken basis; or
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(b) that the value of the security interest has changed since the estimate was made;
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the liquidator or the Court may permit the creditor to amend the proof of debt accordingly.

554G(3)  

If the Court permits the creditor to amend the proof of debt, it may do so on such terms as it thinks just and equitable.

 



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