BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 40 - Duty to Amend Admitted Proofs

(1) If the value of a debt or security included in an admitted proof has changed otherwise than in respect of interest accruing after the commencement of the winding up order the proof shall be subject to amendment for the purpose of altering the value shown therein to give effect to the change.

(2) If a debt or security is incorrectly included in an admitted proof or the value of a debt or security at the date of the commencement of the winding up order is incorrectly stated, the proof shall be subject to amendment for the purpose of rectifying the incorrectness.

(3) If a creditor desires to withdraw his claims to the whole or a part of a debt included in an admitted proof, the proof shall be subject to amendment for the purpose of deleting the debt or reducing its value accordingly, as the case may be.

(4) Where an admitted proof is subject to amendment under the provisions of this section,

(a) the liquidator may, save in the case of an amendment under the immediately preceding subsection, give notice to the creditor specifying the proposal and inviting him to consent to it within the period specified in the notice; or

(b) the creditor may, if the liquidator has not given his notice as aforesaid, give notice to the liquidator specifying the proposed amendment and, except in the case of amendment under the immediately preceding subsection, inviting him to consent to it within the period specified in the notice.

(5) Where notice of a proposed amendment is given under the immediately preceding subsection, the liquidator shall amend the proof accordingly if,

(a) the party to whom the notice is given consents to the amendment,

(b) consent is not given but, on an appeal by the creditor or on application by the liquidator the Court orders the amendment to be made, or

(c) the amendment is proposed by the creditor under subsection (3) of this section.