151. Secured creditors.

A creditor's petition may be presented to the court in respect of a debt or debts only if, at the time the petition is presented, the debt, or each of the debts, is or are unsecured1. However, a debt which is the debt, or one of the debts, in respect of which a creditor's petition is presented need not be unsecured if either:

(1)     the petition contains a statement by the person having the right to enforce the security that he is willing, in the event of a bankruptcy order being made, to give up his security for the benefit

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