This note explains the principles and procedure applicable to the assessment of proofs of debt in liquidation. It considers the purpose of a proof of debt, types of debts and claims that are provable and not provable in liquidation, the right of set-off between debts or liabilities owed by or to the company and the circumstances in which a secured creditor may prove for part or all of its debt. It also addresses the procedure for the submission and assessment of a proof of debt, the use of proofs of debts at creditors' meetings and the principles and procedure for appealing a liquidator's decision on a proof of debt to court.