| 1. | So they were not subject to claims of preferential creditors.
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| 2. | Preferential creditors, such as employees are second in line, followed by holders of any debentures.
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| 3. | Preferential creditors, such as employees, are second in line, followed by holders of any debentures.
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| 4. | So the preferential creditors had a prior claim.
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| 5. | The right of the Crown as a preferential creditor was removed by the Enterprise Act 2002.
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| 6. | The balance available, if any, after the non-preferential creditors are repaid is distributed amongst the company's shareholders.
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| 7. | The balance available, if any, after the preferential creditors are repaid is available to repay the non-preferential creditors.
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| 8. | However, the company liquidator argued that the accountants should only be paid after preferential creditors and debenture holders.
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| 9. | The balance available, if any, after the preferential creditors are repaid is available to repay the non-preferential creditors.
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| 10. | While the existing law listed 20 preferential creditors, he said the provision violated the spirit of everyone being treated equally.
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