SCHEDULES

SCHEDULE 10 Application of Companies Winding Up Legislation to Incorporated Friendly Societies

Part II Modified Application of Insolvency Act 1986 Parts IV and XII

Voluntary winding up

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1

Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.

2

Subject to the provisions of Part IV relating to preferential payments, an incorporated friendly society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors pari passu and, subject to that application, in accordance with the rules of the society.