555. Meaning of 'secured creditor'.

(v)     Secured Creditors

555.     Meaning of 'secured creditor'.

'Creditor':

  1.  

    (1)     in relation to a bankrupt, means a person to whom any of the bankruptcy debts1 is owed; and

  2.  

    (2)     in relation to an individual to whom a bankruptcy application or bankruptcy petition relates, means a person who would be a creditor in the bankruptcy if a bankruptcy order were made on that application or petition2.

A debt is secured3 for the purposes of the Insolvency Act 19864 to the extent that the person to whom the debt is owed holds