Regulation 42 Land.

The value of any land of an undertaking (other than land held by the undertaking as security for a debt or to which Article 47 applies) shall be not greater than the amount which (after deduction of the reasonable expenses of sale) would be realised if the land were sold at a price equal to the most recent proper valuation of that land which has been provided to the undertaking and any such land of which there is no proper valuation shall be left out of account for the purposes for which this Part applies.