[174A Moratorium debts etc: priority]
Insolvency Act 1986 (1986 c 45) | Legislation

Chapter VIII
Provisions of General Application in Winding Up

[Moratorium: order of priority of payment of debts]

[174A  Moratorium debts etc: priority]

[(1)     This section applies where proceedings for the winding up of a company are begun before the end of the period of 12 weeks beginning with the day after the end of any moratorium for the company under Part A1.

(2)     In the winding up, the following are payable out of the company's assets (in the order of priority shown) in preference to all other claims—

(a)     any prescribed fees or expenses of the official receiver acting in any capacity in relation to the company;

(b)     moratorium debts and priority pre-moratorium debts.

(3)     In subsection (2)(b) “priority pre-moratorium debt” means—

(a)     any pre-moratorium debt that is payable in respect of—

(i)     the monitor's remuneration or expenses,

(ii)     goods or services supplied during the moratorium,

(iii)     rent in respect

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Sentencing fraud offences committed by individuals

Sentencing fraud offences committed by individualsThe Sentencing Council (SC) has produced sentencing guidelines for fraud offences under the Fraud Act 2006 (fraud by false representation, fraud by failing to disclose information and fraud by abuse of position), false accounting under section 17 of

LEXISNEXIS

Escrow accounts and escrow agreements

Escrow accounts and escrow agreementsThis Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions

LEXISNEXIS

Possession of a bladed article

Possession of a bladed articleThe offence of possession of a bladed articleThe offence of having a bladed article in a public place can be tried in either the magistrates' court or the Crown Court. The magistrates' court will decline jurisdiction in those cases where it appears that its powers of

LEXISNEXIS

Forming enforceable contracts—consideration

Forming enforceable contracts—considerationThis Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in