BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 1 - Proof of debts  

SECTION 92   AMENDMENT OF VALUATION  

92(1)   [Permission to amend]  

Where a secured creditor has lodged a proof of debt in respect of the balance due after deducting the estimated value of his or her security, he or she may, at any time, apply to the trustee or the Court for permission to amend the proof of debt by altering the estimated value.

92(2)   [Amendment of proof of debt]  

If the trustee or the Court is satisfied:


(a) that the estimate of the value of the security was made in good faith on a mistaken basis; or


(b) that the value of the security has changed since the estimate was made;

the trustee or the Court may permit the creditor to amend his or her proof of debt accordingly.

92(3)   [On the terms Court sees fit]  

Where the Court permits a creditor to amend his or her proof of debt, it may do so on such terms as it thinks just and equitable.




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