Corporations Act 2001
CHAPTER 5
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EXTERNAL ADMINISTRATION
PART 5.6
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WINDING UP GENERALLY
Division 6
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Proof and ranking of claims
Subdivision D
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Priorities
SECTION 559
559
DEBTS OF A CLASS TO RANK EQUALLY
The debts of a class referred to in each of the paragraphs of subsection 556(1) rank equally between themselves and must be paid in full, unless the property of the company is insufficient to meet them, in which case they must be paid proportionately.
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
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Hide history noteThe debts of a class referred to in each of the paragraphs of subsection 556(1) rank equally between themselves and must be paid in full, unless the property of the company is insufficient to meet them, in which case they must be paid proportionately.
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