Section 54: Right of secured creditor to make claim

1) A secured creditor may make a debt claim against the company at any time, and the restructuring manager or liquidator may accept or reject that claim pursuant to sub-section (3) of Section 48.

2) The amount to be claimed pursuant to sub-section (1) shall be limited to the difference between the amount received from the property according to its market value and the amount payable by the company to the secured creditor.

3) Where there arises a dispute between the secured creditor and the company which has become insolvent in relation to the difference between the value of the secured property and the amount outstanding and payable pursuant to sub-section (2), a party who is not satisfied with that matter may make an application to the Court may examine the application so made and determine the difference.