[176ZA Payment of expenses of winding up (England and Wales)]
[176ZA Payment of expenses of winding up (England and Wales)]

[(1)     The expenses of winding up in England and Wales, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly.

(2)     In subsection (1)—

(a)     the reference to assets of the company available for payment of general creditors does not include any amount made available under section 176A(2)(a);

(b)     the reference to claims to property comprised in or subject to a floating charge is to the claims of—

(i)     the holders of debentures secured by, or holders of, the floating charge, and