Liquidation asset distribution follows strict statutory priority, with equal-ranking claims, proportional payments, and disregarded priority-altering contracts. Liquidation proceeds are to be distributed in a fixed statutory order, beginning with insolvency resolution process costs and liquidation costs, then equal-ranking workmen's dues and relinquished secured creditor claims, followed by employee dues, unsecured financial debts, specified government dues and unpaid secured debt, remaining debts and dues, preference shareholders, and finally equity shareholders or partners. Contractual arrangements that alter the statutory priority among equal-ranking recipients are disregarded. Liquidator fees are deducted proportionately, and equal-ranking debts are paid in full or proportionately where proceeds are insufficient.