BANKRUPTCY ACT 1966

PART VI - ADMINISTRATION OF PROPERTY  

Division 2 - Order of payment of debts  

Subdivision A - General  

SECTION 108   108   DEBTS PROVED TO RANK EQUALLY EXCEPT AS OTHERWISE PROVIDED  


Except as otherwise provided by this Act, all debts proved in a bankruptcy rank equally and, if the proceeds of the property of the bankrupt are insufficient to meet them in full, they shall be paid proportionately.
Note:

The rules under this Subdivision for payments of debts can be affected by proceeds of crime orders and applications for proceeds of crime orders: see Subdivision B.




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