20. Secured creditor: redemption by Office-holder

(1) The Office-holder may at any time deliver notice to a creditor whose debt is secured that the Office-holder proposes, at the expiration of 28 days from the date of the notice, to redeem the security at the value put upon it in the creditor's proof.
(2) The creditor then has 21 days (or such longer period as the Office-holder may allow) in which, if he so wishes, to exercise the right to alter the value of his security (with the permission of the Court, where paragraph 18(2) (Secured creditor: value of security) of Part 3 (Creditors' Claims) of this Schedule applies but otherwise without the need for either the agreement of the Office-holder or the permission of the Court).
(3) If the creditor alters the value of his security, the Office-holder may only redeem at the new value.
(4) If the Office-holder redeems the security, the cost of transferring it is payable out of the assets.
(5) A secured creditor may at any time, by notice, call on the Office-holder to elect whether the Office-holder will or will not exercise the Office-holder's power to redeem the security at the value then placed on it; and the Office-holder then has three months in which to exercise the power or determine not to exercise it.