Cap 6 s 6B Creditor with security (BANKRUPTCY ORDINANCE)

Contents of Section

Chapter:	6	Title:	BANKRUPTCY ORDINANCE	Gazette Number:	L.N. 158 of 1998
Section:	6B	Heading:	Creditor with security	Version Date:	01/04/1998

Expanded Cross Reference:

6, 6A, 6B, 6C

(1) A debt which is the debt, or one of the debts, in respect of which a creditor's petition is presented need not be unsecured if either-

(a) the petition contains a statement by the person having the right to enforce the security that he is willing, in the event of a bankruptcy order being made, to give up his security for the benefit of all the bankrupt's creditors; or

(b) the petition is expressed not to be made in respect of the secured part of the debt and contains a statement by that person of the estimated value at the date of the petition of the security for the secured part of the debt.

(2) In a case falling within subsection (1)(b) the secured and unsecured parts of the debt are to be treated for the purposes of sections 6 to 6C as separate debts. <* Note - Exp. X-Ref.: Sections 6, 6A, 6B, 6C *>

(Added 76 of 1996 s. 4)