Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 446

446. So far as the property of a company available for payment of creditors
other than secured creditors is insufficient to meet payment of-

   (a)  any debt referred to in paragraphs 441 (e) and (g);

   (b)  any amount that pursuant to sub-section 443 (3) or (4) is a cost of
        the winding up, being an amount that, if it had been payable on or
        before the relevant date, would have been a debt referred to in
        paragraph 441 (e) or (g); and

   (c)  any amount in respect of which a right of priority is given by
        section  445 , payment of that debt or amount shall be made in
        priority over the claims of a chargee in relation to a floating charge
        created by the company and may be made accordingly out of any property
        comprised in or subject to that charge.