THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 6 - Proof and ranking of claims

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

SECTION 554G   AMENDMENT OF VALUATION  

554G(1)  [Proof of debt for excess of debt over value of security]  

If 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, the creditor may, at any time, apply to the liquidator or the Court for permission to amend the proof of debt by altering the estimated value.

554G(2)  [Creditor may amend proof]  

If the liquidator 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 liquidator or the Court may permit the creditor to amend the proof of debt accordingly.

554G(3)  [Amendment on just and equitable terms]  

If the Court permits the creditor to amend the proof of debt, it may do so on such terms as it thinks just and equitable.