Section 313 — Companies Act 1993: Claims of other creditors and distribution of surplus assets

313 Claims of other creditors and distribution of surplus assets (1) After paying preferential claims in accordance with section 312 of this Act, the liquidator must apply the assets of the company in satisfaction of all other claims. (2) The claims referred to in subsection (1) of this section rank equally among themselves and must be paid in full, unless the assets are insufficient to meet them, in which case payment shall abate rateably among all claims. (3) Where, before the commencement of a liquidation, a creditor agrees to accept a lower priority in respect of a debt than that which it would otherwise have under this section, nothing in this section prevents the agreement from having effect according to its terms. (4) Subject to section 311 of this Act, after paying the claims referred to in subsection (1) of this section, the liquidator must distribute the company's surplus assets— (a) In accordance with the provisions contained in the company's constitution; or (b) If the company's constitution does not contain provisions for the distribution of surplus assets or, if the company does not have a constitution, in accordance with this Act.