PART II contd-…GENERAL CORPORATE INSOLVENCY LEGAL PATCHWORK
STATUTORY PROVISIONS CREATING THE ORDER OF REDISTRIBUTION?
(see pyramid in next slide)
S. 393 (1), (cost of receivership factored in realization of security for secured creditors )
S484 (liquidation expenses under winding up procedure, the highest priority),
S494 (the general rule on priority of interests) and
S495 (The exception under winding-up procedure context only: the concept of fraudulent preference)