228. Unsecured debts of insolvent Company to rank equally

(1) Unsecured debts (including all or any part of a secured debt which is treated as unsecured in accordance with Schedule 5 (Proofs and Distribution) in a winding-up), other than the expenses of the winding-up and Preferential Debts, rank equally between themselves in the winding-up and, after the Preferential Debts, shall be paid in full unless the assets are insufficient for meeting them, in which case they abate in equal proportions between themselves.
(2) Subsection (1) applies whether or not the Company is unable to pay its debts.