Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Secured creditor voting using own security valuation without surrender: liquidator can compel relinquishment; valuation correction allowed for good cause</h1> Where a secured creditor votes at a meeting on the basis of the creditor's own valuation of the security without surrendering the security, the liquidator may, within fifteen days from the meeting, require the creditor to relinquish the security for the benefit of creditors generally upon payment of the value so estimated, and may apply to the Tribunal for an order compelling relinquishment if necessary, thereby enabling the estate to realise the security for collective distribution while compensating the secured creditor at its stated valuation. The Tribunal may, for good cause shown, allow the secured creditor to correct the valuation before being required to give up the security, on such terms as to costs as the Tribunal considers just, thereby qualifying the relinquishment requirement where the original valuation is permitted to be revised.
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