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The Insolvency Rules (Northern Ireland) 1991
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Debts of insolvent company to rank equally
4.190. (NO CVL APPLICATION)
(1) Debts other than preferential debts rank equally between themselves in the winding up and, after the preferential debts, shall be paid in full unless the assets are insufficient for meeting them, in which case they abate in equal proportions between themselves.
(2) Paragraph (1) applies whether or not the company is unable to pay its debts.
[E.R.4.181]
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