PART XXWinding Up of Companies Registered Under this Act or the Former Companies Acts

CHAPTER IIIVoluntary Winding Up

Provisions applicable to every voluntary winding up

597Distribution of company's property

Subject to the provisions of this Act as to preferential payments, the company's property shall on the winding up be applied in satisfaction of the company's liabilities pari passu and, subject to that application, shall (unless the articles otherwise provide) be distributed among the members according to their rights and interests in the company.