Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Where a secured creditor has lodged a proof of debt in respect of the balance due after deducting the estimated value of his or her security, he or she may, at any time, apply to the trustee or the Court for permission to amend the proof of debt by altering the estimated value.
(2) If the trustee or the Court is satisfied:
(a) that the estimate of the value of the security was made in good faith on a mistaken basis; or
(b) that the value of the security has changed since the estimate was made;
the trustee or the Court may permit the creditor to amend his or her proof of debt accordingly.
(3) Where the Court permits a creditor to amend his or her proof of debt, it may do so on such terms as it thinks just and equitable.