Section 329: Payment of remaining money to general creditors

329. Payment of remaining money to general creditors (1) After paying preferential claims in accordance with section 328 (1), the Official Receiver or a liquidator shall apply the money received by him by the realisation of the property of the debtor, in satisfaction of all other claims. (2) The preferential claims referred to in subsection (1) rank equally among themselves and must be paid in full, unless the money is insufficient to meet them, in which case they abate in equal proportions, and interest shall be paid on such claims to the extent and in the manner provided for in section 310. (3) Where, before the date of adjudication, or commencement of the winding up, a creditor agrees to accept a lower priority in respect of a debt than that which it would otherwise have under this section, nothing in this section prevents the agreement from having effect according to its terms. (4) Distribution and payment to general creditors shall be made by way of declaration of dividends under sections 331 to 334. [Issue 7] I14 – 178 Revised Laws of Mauritius