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 .

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Division 6 - Proof and ranking of claims  

Subdivision D - Priorities  

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.