THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.6 - WINDING UP GENERALLY

Division 6 - Proof and ranking of claims

Subdivision D - Priorities

SECTION 559   DEBTS OF A CLASS TO RANK EQUALLY  

559    The debts of a class referred to in each of the paragraphs of subsection 556(1) rank equally between themselves and shall be paid in full, unless the property of the company is insufficient to meet them, in which case they shall be paid proportionately.