Schedule 11, Part 5, paragraph 36(4)

The insolvency treatment principles are that where an instrument includes a relevant provision— the provision made by the instrument must be consistent with treating existing claims in respect of the CCP’s shares and all the liabilities of the CCP in accordance with the priority they would enjoy on a liquidation, and any creditors who would have equal priority on a liquidation are to bear losses on an equal footing with each other.

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