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.