Distribution of company assets: provision omitted; previously required pari passu satisfaction of liabilities and member distribution. Section 320 has been omitted by later legislation. Formerly, it required that on winding up assets be applied to satisfy liabilities pari passu, subject ... Summary
Distribution of company assets: provision omitted; previously required pari passu satisfaction of liabilities and member distribution.
Section 320 has been omitted by later legislation. Formerly, it required that on winding up assets be applied to satisfy liabilities pari passu, subject to overriding preferential payments, and any remaining surplus be distributed among members according to their rights and interests unless the articles provided otherwise.
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