[174A Moratorium debts etc: priority]

Chapter VIII
Provisions of General Application in Winding Up

[Moratorium: order of priority of payment of debts]

[174A  Moratorium debts etc: priority]

[(1)     This section applies where proceedings for the winding up of a company are begun before the end of the period of 12 weeks beginning with the day after the end of any moratorium for the company under Part A1.

(2)     In the winding up, the following are payable out of the company's assets (in the order of priority shown) in preference to all other claims—

(a)     any prescribed fees or expenses of the official receiver acting in any capacity in relation to the company;

(b)     moratorium debts and priority pre-moratorium debts.

(3)     In subsection (2)(b) “priority pre-moratorium debt” means—

(a)     any pre-moratorium debt that is payable in respect of—

(i)     the monitor's remuneration or expenses,

(ii)     goods or services supplied during the moratorium,

(iii)     rent in respect of a period during the moratorium, or

(iv)     wages or salary ari

Popular documents