13
In forceApplication of money received
Part 4Provisions consequent on enactment of Statute Law (Miscellaneous Provisions) Act 2008
13 Application of money received
The receiver shall, subject to any order of the Supreme Court, pay and apply all money received by the receiver in the following order, that is to say:
(a)
firstly, in payment of the costs, charges, and expenses of collection, and of the receiver’s commission or remuneration,
(b)
secondly, in the payment of the amount due and payable to the holder of the debenture or inscribed stock or coupon, as the case may be, and
(c)
thirdly, in payment of all the residue of the money to the Corporation.
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