Chinyere Ossy-Okoye Abstract The best secured financing minimises credit risk during insolvency. Financiers leverage contractual autonomy to negotiate hard-fought security packages that secure early credit recovery ahead of other creditors upon insolvency, therereducing overall credit risk. However, contractual autonomy suffers legal constraints. Courts may recharacterise ‘hard-fought” contractual clauses that disguise security packages, exceed permissible …