59 Priority of debts

59  Priority of debts

(1)     Where a receiver is appointed and the company is not at the time of the appointment in course of being wound up, the debts which fall under subsection (2) of this section shall be paid out of any assets coming to the hands of the receiver in priority to any claim for principal or interest by the holder of the floating charge by virtue of which the receiver was appointed.

(2)     Debts falling under this subsection are preferential debts (within the meaning given by section 386 in Part XII) which, by the end of a

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