524. Effect of mortgagor in liquidation.

A mortgagee is entitled to enforce his security notwithstanding the liquidation of the mortgagor1. However, on the making of a winding-up order or the appointment of a provisional liquidator, no action or proceeding is to be proceeded with or commenced against a company2 or its property except by leave of the court and subject to such terms as the court may impose3. Leave will normally be granted to a secured creditor seeking to enforce his security4. If a claim or proceeding is pending against a company after the presentation of a winding-up petition but before a winding-up order has

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