77. Giving priority to preferential creditors

Past version: effective from 14/06/2015 - 13/06/2015
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A Deed of Company Arrangement must contain a provision to the effect that, for the purposes of the application by the administrator of the property of the Company coming under his or her control under the Deed of Company Arrangement, any preferential creditors will be entitled to a priority at least equal to what they would have been entitled if the property were applied in accordance with Section 227 (Preferential Debts).