THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 6 - Proof and ranking of claims

Subdivision D - Priorities

SECTION 555   DEBTS AND CLAIMS PROVED TO RANK EQUALLY EXCEPT AS OTHERWISE PROVIDED  

555    Except as otherwise provided by this Law, all debts and claims proved in a winding up rank equally and, if the property of the company is insufficient to meet them in full, they shall be paid proportionately.