Secured creditor treatment in liquidation governs separate realisation, notice requirements, surplus accounting, and priority deductions from proceeds. Secured creditor treatment in liquidation allows either relinquishment of security to the liquidation estate or separate realisation of the security interest. A creditor choosing realisation must notify the liquidator and identify the secured asset within fourteen days, failing which the security is deemed relinquished. Multiple secured creditors over the same asset must agree through creditors holding at least sixty-six per cent of secured claim value before realisation. The liquidator verifies the security interest, surplus proceeds are remitted to the liquidator, prescribed costs are deducted from realisation proceeds, and any unpaid secured debt is paid under the liquidation waterfall.