Section 525. Rights and duties of unsecured creditors

(1) Every creditor shall prove his debt immediately after the making of a winding up order.

(2) A debt may be proved by delivering or sending an affidavit through the post in a prepaid letter to the liquidator.

(3) The affidavit shall—

(a) verify the debt;

(b) be made by the creditor himself or by any person authorized by or on behalf of the creditor or his estate and if made by a person so authorized, it shall state his authority and means of knowledge;

(c) contain or refer to a statement of account showing the particulars of the debt and shall specify the vouchers, if any, by which the statement of account can be substantiated; and

(d) state whether the creditor is or is not a secured creditor.

(4) The liquidator may at any time call for the production of the vouchers or books of account.

(5) A creditor shall bear the cost of proving the creditor’s debt unless the Court otherwise specially orders.

(6) Every creditor who has lodged a proof shall be entitled to see and examine the proofs of other creditors at all reasonable times.

(7) A creditor proving his debt shall deduct from his debt all trade discounts, but he shall not be compelled to deduct any discount not exceeding five per centum on the net amount of his claim, which he has agreed to allow for payment in cash.