Ha2016 liquidating

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From the rump of the estate, unsecured creditors receive an equal distribution, reflecting the distribution in English law.

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Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.There is an order of priority for payments out of the insolvent estate.For all but “fraudulent” bankrupts, both “his expenses and the expenses of his dependents” and “the rents for his residence and his business premises, the wages of his servants and clerks and the dowry of his wife” shall be deemed to be “Privileged Debts” and shall have priority over all creditors.Depending on how this discretion is exercised, aspects of the Privileged Debts concept may, in practice, be retained.What is clear is that the proposals are to apply to companies and other economic entities as well as individuals.

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