Secured creditor's access for valuation and auction coordination in liquidation upheld through cooperation with the Official Liquidator.

A secured creditor assignee was permitted to act in relation to secured assets in the custody of the Official Liquidator after winding up. The HC accepted that the creditor could appoint a valuer and that the Official Liquidator should facilitate inspection of the property for proper valuation. It further directed coordination between the creditor and the Official Liquidator on fixation of the reserve price and conduct of the auction, with notice to the creditor and supervision by the Court, so that the property could be sold in an orderly and efficient manner.

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Issues: Whether the applicant secured creditor was entitled to access the property in the custody of the Official Liquidator for valuation and to have the property sold by auction in coordination with the Official Liquidator.

Analysis: The property remained under the possession of the Official Liquidator after winding up, but the applicant had acquired the secured financial assets by assignment and was entitled to proceed in relation to the secured interest. The Court accepted that the applicant could appoint a valuer and that the Official Liquidator should facilitate inspection of the property for proper valuation. The Court further directed both sides to coordinate on the reserve price and on the auction process so that the property could be sold efficiently with notice to the applicant and supervision of the Court.

Conclusion: The applicant was permitted to have the property valued through its appointed valuer, in coordination with the Official Liquidator, and the parties were directed to proceed with fixation of reserve price and auction of the property.

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