# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 117: Debts of institution to rank equally

Extent: E+W

Debts, other than preferential debts, rank equally between themselves in the special administration 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.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/117 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-117
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.