Section 53 - Distribution of assets.

Prioritised distribution of liquidation proceeds establishes priority classes and proportional payments after liquidator fees in insolvency proceedings.

Distribution of liquidation proceeds follows a statutory order of priority: insolvency and liquidation costs first; then classes that rank equally including specified workmen's dues and amounts from relinquished secured creditors; then employee wages, unsecured financial creditors, certain governmental dues and secured creditor claims from enforcement, remaining debts, preference shareholders, and equity holders. Contractual arrangements that disrupt equal ranking are disregarded. Liquidator fees are deducted proportionately from each class, and within equally ranked classes insufficient proceeds are allocated in equal proportion among debts or paid in full where possible.