Article 91 - Distribution of Company's property and priority of payments in a winding up

(1) Subject to the provisions of these Regulations as to preferential payments and to the 'Client Money Distribution Rules' applicable to Authorised Firms as set out in the Regulatory Authority's "Asset Rulebook", the Company's property in a winding up shall on the winding up be applied in satisfaction of the Company's liabilities which rank pari passu and, subject to that application, shall (unless the articles otherwise provide) be distributed among the members according to their rights and interests in the Company, save that a creditor may agree to rank in priority after any other debts.
(2) In a winding up, the priority of payments shall be as follows:
(A) Secured Creditors to the extent of their Security Interest and in the order of priority provided for in Part 5 of the Security Regulations;
(B) costs and expenses, including the Liquidator's remuneration, properly incurred by the Liquidator in the exercise of his functions and, where the liquidation was immediately preceded by an administration, the Administrator's remuneration, properly incurred by the Administrator in the exercise of his functions;
(C) preferential creditors as defined in Article 148; then
(D) unsecured creditors.