Section 302 — Companies Act 1993: Application of bankruptcy rules to liquidation of insolvent companies

302 Application of bankruptcy rules to liquidation of insolvent companies (1) Subject to this Part of this Act, the rules in force under the law of bankruptcy with respect to the estates of persons adjudged bankrupt apply in the liquidation of a company that is unable to pay its debts to— (a) The rights of secured and unsecured creditors: (b) Claims by creditors: (c) The valuation of annuities and future and contingent liabilities— and all persons who in any such case would be entitled to make claims and receive payment in whole or in part are so entitled in the liquidation. (2) In applying in a liquidation the rules in force under the law of bankruptcy, a claim made under section 304 of this Act and admitted by a liquidator is to be treated as if it were a debt proved in accordance with the requirements of the Insolvency Act 2006. Section 302(2): amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).