Commonwealth Numbered Regulations

1990 No. 455 CORPORATIONS REGULATIONS - REG 5.6.25

5.6.25. (1) A liquidator may require a secured creditor to give up the
security for the benefit of creditors generally, on payment of its value as
assessed by the creditor.

(2) A requirement can only be made within 28 days after the creditor has voted
in respect of the balance of his or her debt or claim.

(3) If a creditor has assessed the value of his or her security, the creditor
may reassess the value of the security:

   (a)  with the leave of the liquidator; and

   (b)  at any time before being required to give it up.

(4) The new value of a security that is reassessed under subregulation (3)
must be deducted from the creditor's debt or claim.