Publication
Second Consultation Released into Simplifying and Modernising the AML/CTF Regime
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
Global | Publication | April 2020
– In particular:
Category A - Employee-related payments (subject to limits)
Category B - Government debts
Category A takes precedence over Category B (and so on) and debts within each category rank equally (and, if assets are insufficient to pay everything, abate equally) among themselves
– Preferential creditors rank ahead of floating charge holders where the assets of the company are insufficient to satisfy all preferential creditors
– Share pari passu, subject to rights attaching to different classes of share in the constitution
– If proceeds are insufficient, they all receive the same percentage of what they would otherwise be entitled to
Publication
The Commonwealth Attorney-General’s Department (Department) has today released the Second Consultation Paper (Consultation).
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