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Section 176AZA: Non-preferential debts of financial institutions

Insolvency Act 1986 · 1986 c. 45View on legislation.gov.uk

Part IV: Winding Up of Companies Registered under the Companies Acts — Chapter VIII: Provisions of General Application in Winding Up

This section applies in the winding up of a company which is a relevant financial institution.

The company's ordinary non-preferential debts shall be paid in priority to its secondary non-preferential debts.

The company's secondary non-preferential debts—

shall be paid in priority to its tertiary non-preferential debts, and
rank equally among themselves after the ordinary non-preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions.

See section 387A for definitions relevant to this section.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.