111. Priority of debts in Bankruptcy

A Bankruptcy Trustee shall apply the proceeds of realisation of the Bankruptcy Estate in or towards the satisfaction of the claims, determined as at the commencement of the Bankruptcy, set out in the Fourth

Without prejudice to paragraph 8 of the Fourth

After paying claims in accordance with subsection (1), the Bankruptcy Trustee shall apply the proceeds of realisation of the Bankruptcy Estate in or towards the satisfaction of general claims, determined as at the commencement of the

The claims referred to in subsection (3) rank equally among themselves and shall be satisfied in full unless the proceeds of realisation of the Bankruptcy Estate are insufficient to satisfy them, in which case the proceeds shall abate rateably among all such claims.

After paying claims in accordance with subsection (3), interest as from the commencement of the Bankruptcy calculated in such manner as may be prescribed shall be paid on the claims referred to in subsections (1) and (3).

The claims referred to in subsection (5) rank equally among themselves with respect to the interest referred to in that subsection, and such interest shall be paid in full unless the proceeds of realisation of the Bankruptcy Estate are insufficient to pay it, in which case the proceeds shall abate rateably among all of the claims referred to in that subsection with respect to that interest.

After paying claims in accordance with subsection (5), the Bankruptcy Trustee shall apply the surplus proceeds of realisation of the Bankruptcy Estate to the Bankrupt debtor.

Where, before the commencement of Bankruptcy, a creditor has agreed 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.