| Commentary

194 Distribution of assets

| Commentary

194 Distribution of assets

After payment of expenses1 and subject to the provisions of the Insolvency Act 1986 as to payment of preferential debts2, the property of a company in a voluntary winding up must be applied in satisfaction of its liabilities pari passu and, subject to that application, must (unless the articles otherwise provide) be distributed among the members according to their rights and interests in the company3. A sum due to a member in his character of a member by way of dividends, profits or otherwise is left out of account in the

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial