Orderly Payment of Debts Regulations

18 (1) A registered creditor who elects to rely on their security pursuant to section 232 of the Act shall, before relying on that security, file with the clerk an affidavit as to its value and, if the security is repossessed and sold or seized and sold, disclose to the clerk whether the proceeds received from the disposal of the security are in excess of the creditor’s claim.

(2) Where any registered creditor does not comply with the conditions set out in subsection (1), the court may direct that the security of that registered creditor be appraised by an appraiser appointed by the court.