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6.5 (4) insolvency rules 1986


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6.54.— Security

(1) The following applies where an insolvency practitioner is appointed to be interim receiver

under section 286(2).

(2) The cost of providing the security required under the Act shall be paid in the first instance by

the interim receiver; but—

(a) if a bankruptcy order is not made, the person so appointed is entitled to be reimbursed

out of the property of the debtor, and the court may make an order on the debtor accordingly,


(b) if a bankruptcy order is made, he is entitled to be reimbursed out of the estate in the

prescribed order of priority.

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(4) The court may grant the application if—

(a) the debtor appears to have a counterclaim, set-off or cross demand which equals or

exceeds the amount of the debt or debts specified in the statutory demand; or

(b) the debt is disputed on grounds which appear to the court to be substantial; or

© it appears that the creditor holds some security in respect of the debt claimed by the

demand, and either Rule 6.1(5) is not complied with in respect of it, or the court is satisfied

that the value of the security equals or exceeds the full amount of the debt; or

(d) the court is satisfied, on other grounds, that the demand ought to be set aside.






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