Section 175(2)

Preferential debts— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures secured by, or holders of, any floating charge created by the company, and shall be paid accordingly out of any property comprised in or subject to that charge.

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Source: legislation.gov.uk · retrieved 2026-09-04