175 Preferential debts (general provision)

Preferential debts

175  Preferential debts (general provision)

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

(a)     any liabilities to which section 174A applies, and

(b)     expenses of the winding up].

[(1A)     Ordinary preferential debts rank equally among themselves . . . 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,

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