Bankruptcy Ordinance

(1)
A debt which is the debt, or one of the debts, in respect of which a creditor’s petition is presented need not be unsecured if
either—
(a)
the petition contains a statement by the person having the right to enforce the security that he is willing, in the event of a bankruptcy order being made, to give up his security for the benefit of all the bankrupt’s creditors; or
(b)
the petition is expressed not to be made in respect of the secured part of the debt and contains a statement by that person of the estimated value at the date of the petition of the security for the secured part of the debt.
(2)
In a case falling within subsection
(1
)(
b)
the secured and unsecured parts of the debt are to be treated for the purposes of
sections 6 to 6C
as separate debts.