Distribution of property on winding up requires assets applied pari passu to satisfy liabilities then distributed to members. A company's assets on winding up are to be applied in satisfaction of its liabilities, subject to the statutory rule on preferential payments, and applied pari passu; subject to that application and unless the articles otherwise provide, remaining assets are to be distributed among the members according to their rights and interests in the company.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Distribution of property on winding up requires assets applied pari passu to satisfy liabilities then distributed to members.
A company's assets on winding up are to be applied in satisfaction of its liabilities, subject to the statutory rule on preferential payments, and applied pari passu; subject to that application and unless the articles otherwise provide, remaining assets are to be distributed among the members according to their rights and interests in the company.
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