Corporations Act 2001
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.6 - WINDING UP GENERALLY
Note: This Part applies to a sub-fund of a CCIV in a modified form: see Division 5 of Part 8B.6 .
Division 6 - Proof and ranking of claims
SECTION 555
555
DEBTS AND CLAIMS PROVED TO RANK EQUALLY EXCEPT AS OTHERWISE PROVIDED
Except as otherwise provided by this Act, 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 must be paid proportionately.
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