269 Creditor with security

269  Creditor with security

(1)     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—

(a)     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 of all the bankrupt's creditors, or

(b)     the petition is expressed not to be made in respect of the secured part of the debt and contains a statement by that person of

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