(1)Subject to this section and the next, the proof of any bankruptcy debt by a secured or unsecured creditor of the bankrupt and the admission or rejection of any proof shall take place in accordance with the rules.
(2)Where a bankruptcy debt bears interest, that interest is provable as part of the debt except in so far as it is payable in respect of any period after the commencement of the bankruptcy.
(3)The trustee shall estimate the value of any bankruptcy debt which, by reason of its being subject to any contingency or contingencies or for any other reason, does not bear a certain value.
(4)Where the value of a bankruptcy debt is estimated by the trustee under subsection (3) or, by virtue of section 303 in Chapter III, by the court, the amount provable in the bankruptcy in respect of the debt is the amount of the estimate.
Cases considering section 322 11
[2017] EWCA Civ 57 · 3 February 2017
The court treated section 322 as confirming the mechanism by which a secured or unsecured creditor proves a bankruptcy debt under the rules. Hire-purchase liabilities fell within that mechanism (see paras [25]-[27]).
The court applied section 322(1) as requiring proof and admission or rejection of bankruptcy debts to take place in accordance with the rules. The finance company’s liabilities were not excluded from that process (see paras [25]-[27]).
[2015] EWHC 2962 (Ch) · 27 October 2015Interprets
Interpreted so that interest is provable only up to the date of death in an administration in bankruptcy of a deceased estate. The necessary modification avoids inconsistency with statutory interest under section 328. (see paras [35], [58]-[66])
Applied consistently with the single-date approach: contingent liabilities are estimated by reference to the date at which bankruptcy debts are identified and quantified. (see paras [18], [53])
[2006] EWHC 3067 (Ch) · 1 December 2006
Section 322(2) forms part of the bankruptcy regime governing interest on provable debts. The court held that interest is provable only within the statutory limits, including the exclusion of interest accruing after bankruptcy. (see paras [37], [49]-[53], [63]-[64])
1 more judgment, and what each says about section 322, are in the
case-law panel in the full Act.