Corporations Act 2001

CHAPTER 5 - EXTERNAL ADMINISTRATION  

PART 5.6 - WINDING UP GENERALLY  

Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .

Division 6 - Proof and ranking of claims  

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

SECTION 554J  

554J   SUBSEQUENT REALISATION OF SECURITY INTEREST  

Where:

(a) 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; and

(b) subsequently:

(i) the creditor realises the security interest; or

(ii) the security interest is realised under section 554F ;

the net amount realised is to be substituted for the estimated value of the security interest and section 554H applies as if the proof of debt had been amended accordingly under section 554G .