Priority of secured creditors may be subordinate to government revenues in liquidation; departments must safeguard revenue. Ministry of Law advises that in company liquidation government revenues and taxes take precedence over secured creditors, whereas if no winding up is pending secured creditors have priority over unsecured creditors; departments are instructed to safeguard revenue interests accordingly.
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.
Priority of secured creditors may be subordinate to government revenues in liquidation; departments must safeguard revenue.
Ministry of Law advises that in company liquidation government revenues and taxes take precedence over secured creditors, whereas if no winding up is pending secured creditors have priority over unsecured creditors; departments are instructed to safeguard revenue interests accordingly.
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