[(1) This section applies in the winding up of a company which is a relevant financial institution.
(2) The company's ordinary non-preferential debts shall be paid in priority to its secondary non-preferential debts.
(3) The company's secondary non-preferential debts—
(a) shall be paid in priority to its tertiary non-preferential debts, and
(b) rank equally among themselves after the ordinary non-preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.
(4) See section 387A for definitions relevant to this section.]
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note addresses issues when serving out of the jurisdiction and the permission of the court is required. It explains how to make an application and the form of order required. An application to serve out of the jurisdiction is generally made without notice and on the papers. Key
Qualified one-way costs shifting (QOCS)What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE)
Sentencing for rapeThe Sentencing Council (SC) produces guidance on sentencing for courts in England and Wales in the form of offence specific sentencing guidelines for use in the magistrates’ court and the Crown Court. This Practice Note considers the approach to sentencing for the offences of rape
Collective investment schemes—essentialsThis Practice Note examines the definition of a collective investment scheme (CIS) and available exemptions, and the treatment of regulated and unregulated CIS.Definition of a collective investment schemeThe definition of a CIS is contained in section 235 of
0330 161 1234
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.