Hong Kong Regulations

PROOF OF DEBTS RULES - RULE 12

(1) Where a security is so valued the trustee may at any time redeem it on
payment to the creditor of the assessed value.

(2) If the trustee is dissatisfied with the value at which a security is
assessed, he may require that the property comprised in any security so valued
be offered for sale at such times and on such terms and conditions as may be
agreed on between the creditor and the trustee or as, in default of such
agreement, the court may direct. If the sale be by public auction, the
creditor, or the trustee on behalf of the estate, may bid or purchase.

(3) Provided that the creditor may at any time by notice in writing require
the trustee to elect whether he will or will not exercise his power of
redeeming the security or requiring it to be realized, and if the trustee does
not within 6 months after receiving the notice signify in writing to the
creditor his election to exercise the power, he shall not be entitled to
exercise it; and the equity of redemption, or any other interest in the
property comprised in the security which is vested in the trustee, shall vest
in the creditor and the amount of his debt shall be reduced by the amount at
which the security has been valued.