The court considered whether the respondent
should not exercise its rights. The court held
that since the applicant was not a liquidator or
creditor, the respondent should not be stopped
from realizing its security where the applicant
has defaulted in payment and that in matters of
voluntary winding up, the court ought not to
say any proceeding were one is realizing his
security even court has discretion to do so. The
court was satisfied that it had no basis of
exercising its discretion.
Accordingly court denied the reliefs sought as
the matter was procedurally and as a matter of
law instituted. The application was dismissed
with costs.