175 Preferential debts (general provision)
175 Preferential debts (general provision)

(1)     In a winding up the company's preferential debts . . . shall be paid in priority to all other debts.

[(1A)     Ordinary preferential debts rank equally among themselves after the expenses of the winding up and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.

(1B)     Secondary preferential debts rank equally among themselves after the ordinary preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.]

(2)     Preferential debts—

(a)     . . .

Popular documents