555
In forceDebts and claims proved to rank equally except as otherwise provided
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 5External administration
Part 5.6Winding up generally
Division 6Proof and ranking of claims
Subdivision DPriorities
555 Debts and claims proved to rank equally except as otherwise provided
Except as otherwise provided by this Act, all debts and claims proved in a winding up rank equally and, if the property of the company is insufficient to meet them in full, they must be paid proportionately.
This Act’s bill:Explanatory memorandumSecond reading speech
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