Section 142Part 5 — Company Restructuring and Winding Up
Secured creditors
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Notwithstanding that a winding up order has been made, a creditor who has security over th e whole or part of the assets of a company is entitled to enforce that person’s security without the leave of the Court and without reference to the liquidator.
Where the liquidator sells assets on behalf of a secured creditor, that person is entitled to deduct from the proceeds of sale a sum by way of remuneration equivalent to that which is or would be payable under section 109 .