# Insolvency Act 1986, Section 176AZA: Non-preferential debts of financial institutions

Extent: E+W+S+N.I.

(1) This section applies in the winding up of a company which is a relevant financial institution.
(2) The company’s ordinary non-preferential debts shall be paid in priority to its secondary non-preferential debts.
(3) The company’s secondary non-preferential debts—
(a) shall be paid in priority to its tertiary non-preferential debts, and
(b) rank equally among themselves after the ordinary non-preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.
(4) See section 387A for definitions relevant to this section.

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Source: https://www.legislation.gov.uk/ukpga/1986/45/section/176AZA (the official version)
Page: https://openlegislation.uk/insolvency-act-1986/section-176AZA
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.