| Commentary

244 Meaning of ‘secured’

| Commentary

3: SECURED CREDITORS

244 Meaning of ‘secured’

A debt is secured for the purposes of the Insolvency Act 1986 to the extent that the person to whom the debt is owed holds any security for the debt, whether a mortgage, charge, lien or other security, over any property of the person by whom the debt is owed1. It follows that a creditor is not a secured creditor for the purposes of the bankruptcy if he holds security for his debt over the property of a third party. If he petitioned as creditor on the footing that he was willing

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