I'm a Dutch student currently working on my Master Thesis in which I'm comparing Dutch insolvency law to UK insolvency law. This might be a unusual question but i guess it's a no-brainer for most of you although i've been looking for the answer for hours now.
In England secured creditors are largely unaffected by the liquidation/winding up process, as they're able to remove their security from the pool and realise it to satisfy what is due to them. In the Netherlands secured creditors are treated equally, but our law does provide the possibility for the liquidator to set a period of time for the secured creditor to dispose/realise the secured/encumbered assets. The basic idea behind this rule is to make hesitating/slow secured creditors realise their security faster in order to accelerate the liquidation procedure.
I haven't been able to find a similar rule in English' insolvency law? Isn't there a equivalent rule? And if there isn't, how do liquidators in UK make sure that secured creditors realise their security within a reasonable period of time? (For instance: it is possible that the claim secured by a fixed charge is lower than the actual worth of those assets. So for a liquidator it would be useful the set a period of time for the secured creditor the dispose/realise the assets?)
I would be very grateful if anyone could give me the answer (and if it doesn't take too much time, tell me in which section of the law it can be found).
Thanks in advance,
...Should I go back to school?