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Insolvency Act 1986

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Changes over time for: Section 59

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Version Superseded: 28/06/2016

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Point in time view as at 06/04/1996. This version of this provision has been superseded. Help about Status

Changes to legislation:

Insolvency Act 1986, Section 59 is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

59 Priority of debts.S

(1)Where a receiver is appointed and the company is not at the time of the appointment in course of being wound up, the debts which fall under subsection (2) of this section shall be paid out of any assets coming to the hands of the receiver in priority to any claim for principal or interest by the holder of the floating charge by virtue of which the receiver was appointed.

(2)Debts falling under this subsection are preferential debts (within the meaning given by section 386 in Part XII) which, by the end of a period of 6 months after advertisement by the receiver for claims in the Edinburgh Gazette and in a newspaper circulating in the district where the company carries on business either—

(i)have been intimated to him, or

(ii)have become known to him.

(3)Any payments made under this section shall be recouped as far as may be out of the assets of the company available for payment of ordinary creditors.

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