When a secured creditor seeks leave to take possession of a charged asset from a liquidator, the Court's role is confined to determining the validity and applicability of the security and whether any recognised legal obstacle exists. There is no general discretion to refuse leave based on the interests of unsecured creditors, shareholders, or considerations of fairness. A secured creditor who voluntarily allows a liquidator to take control of a charged asset does not thereby lose the right to resume control, absent surrender of the security or a recognised legal obstacle such as estoppel.
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