- (1)
- For the purposes of voting, a secured creditor must state in the
creditor's proof of debt or claim:
- (a)
- the particulars of his or her
security; and
- (b)
- the date when it was given; and
- (c)
- the creditor's estimate of the value of the security;
unless he or she surrenders the security.
- (2)
- A creditor is entitled to vote
only in respect of the balance, if any, due to him or her after deducting the
value of his or her security as estimated by him or her in accordance with
regulation 5.6.41.
- (3)
- If a secured creditor votes in respect of his or her whole debt or claim,
the creditor must be taken to have surrendered his or her security unless the
Court on application is satisfied that the omission to value the security has
arisen from inadvertence.
- (4)
- This regulation does not apply to a meeting of creditors convened under
Part 5.3A of the Act.