Part 6 — Management and Administration Division 1 Membership
120 Preferential payments
holder of any debentures of a company secured by a floating charge
or possession is taken by or on behalf of those debenture holders of
any property comprised in or subject to the floating charge, then, if
the company is not at the time in course of being wound up, the
debts that in every winding-up are, under the provisions of Part 10
relating to preferential payments, to be paid in priority to all other
debts, shall be paid forthwith out of any assets coming to the hands
of the receiver or other person taking possession, in priority to any
claim for principal or interest in respect of the debentures.
(2) The periods of time mentioned in the provisions of Part 10
referred to in subsection (1) shall be computed from the date of the
appointment of the receiver or of possession being taken, as the
case may be.
(3) Any payments made under this section shall be recouped as far
as may be out of the assets of the company available for payment
of general creditors.
1983 c21 s4
RSA 2000