366. Claims of other creditors and distribution of surplus assets

After paying preferential claims in accordance with section 365, the liquidator shall apply the assets of the company in satisfaction of all other claims.

The claims referred to in subsection (1) shall rank equally among themselves and shall be paid in full, unless the assets are insufficient to meet them, in which case payment shall abate rateably among all claims.

Where before the commencement of the winding up, 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 shall prevent the agreement from having effect according to its terms.

Subject to section 364, after paying the claims referred to in subsection (1), the liquidator shall distribute the company’s surplus assets—

The provisions of the Tenth Schedule shall apply in relation to the payment of claims referred to in subsection (1).