Document ID: chunk:federal_register_of_legislation:C2004A04501:schedule:3:p72
Version: federal_register_of_legislation:C2004A04501
Segment Type: schedule
Provision Reference: sch 3 (pt 72/110)
Character Range: 334820–337482

admissible to proof but that, as at the relevant date, was not payable by the company until an ascertained or ascertainable date ('the future date') after the relevant date is the amount payable on the future date reduced by the amount of the discount worked out in accordance with the regulations.

Conversion into Australian currency of foreign currency debts or claims

"554C.(1) This section applies if the amount of a debt or claim admissible to proof against a company would, apart from this section, be an amount of foreign currency.

"(2) If the company and the creditor or claimant have, in an instrument created before the relevant date, agreed on a method to be applied for the purpose of converting the company's liability in respect of the debt or claim into Australian currency, the amount of the debt or claim that is admissible to proof is the equivalent in Australian currency of the amount of foreign currency, worked out as at the relevant date and in accordance with the agreed method.

"(3) If subsection (2) does not apply, the amount of the debt or claim that is admissible to proof is the equivalent in Australian currency of the amount of foreign currency, worked out by reference to the opening carded on demand airmail buying rate in relation to the foreign currency available at the Commonwealth Bank of Australia on the relevant date.

              "Subdivision C—Special provisions relating to secured creditors of insolvent companies

Application of Subdivision

"554D.(1) This Subdivision applies in relation to the proof of a secured debt in the winding up of an insolvent company.

"(2) For the purposes of the application of this Subdivision in relation to a secured debt of an insolvent company that is being wound up, the amount of the debt is taken to be the amount of the debt as at the relevant date (as worked out in accordance with Subdivision B).

Proof of debt by secured creditor

"554E.(1) In the winding up of an insolvent company, a secured creditor is not entitled to prove the whole or a part of the secured debt otherwise than in accordance with this section and with any other provisions of this Law or the regulations that are applicable to proving the debt.

  "(2) The creditor's proof of debt must be in writing.

"(3) If the creditor surrenders the security to the liquidator for the benefit of creditors generally, the creditor may prove for the whole of the amount of the secured debt.

"(4) If the creditor realises the security, the creditor may prove for any balance due after deducting the net amount realised, unless the liquidator is not satisfied that the realisation has been effected in good