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Section 2: Conditions to priority of payments to preferential creditors

Insolvency Act · FOURTH SCHEDULE

consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

2. Conditions to priority of payments to preferential creditors The claims listed in each of the subparagraphs of paragraph 1, other than subparagraph (1), rank in relation to each of the items within these subparagraphs respectively equally among themselves and, subject to any maximum payment level specified in any Act or Regulations, must be paid in full, unless the assets of the debtor are insufficient to meet them, in which case they abate in equal proportions.

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