Rule 14.12 C1C2
This rule applies in an administration and a winding up by the court.
Debts other than preferential debts rank equally between themselves and, after the preferential debts, must be paid in full unless the assets are insufficient for meeting them, in which case they abate in equal proportions between themselves.
Annotations
Modifications
- C1
Rule 14.12 applied (with modifications) (23.4.2019) by S.I. 2008/346, Sch. 2 para. 7(1) (as amended by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 7(2)(a))
- C2
Rules 14.1-14.24 applied (with modifications) (19.3.2024) by The Water Industry (Special Administration) (England and Wales) Rules 2024 (S.I. 2024/229), rules 1, 5, 86-103, Sch. (with rule 2(2))
Notes on Part 14
Textual amendments
Notes on Chapter 2
Textual amendments
- F1
Words in Pt. 14 Ch. 2 heading inserted (1.10.2021) by The Insolvency (England and Wales) (No.2) (Amendment) Rules 2021 (S.I. 2021/1028), rules 1, 54 (with rules 4, 5)