Secured creditors must clearly and timely elect to realise a...

Secured creditors must clearly and timely elect to realise a security interest outside the liquidation estate; merely recording a security interest in Form D does not communicate that election. An email sent after a compromise scheme fails cannot retrospectively cure non-compliance with Regulation 21A. Participation and voting in the Stakeholders' Consultation Committee are relevant, while consideration of a scheme under the Companies Act neither suspends nor extends the election period. Consequently, without a valid timely election, hypothecated assets remain in the liquidation estate and cannot be realised independently.