(1) In Chapter 8 of Part 4 of the Insolvency Act 1986 (c 45) (winding up of companies: provisions of general application), before section 176A (under the heading “Property subject to floating charge”) insert—
(1) The expenses of winding up in England and Wales, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly.
(2) In subsection (1)—
(a) the reference to assets of the company available for payment of general creditors does not include any amount made available under section 176A(2)(a);
(b) the reference to claims to pr
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