Secured creditors (other than holders of floating charges/circulating security interests).

Expenses of the winding-up (including payment of the liquidator).

Unpaid wages, unpaid superannuation contributions, and other employee entitlements.

Holders of floating charges/circulating security interests.

Unsecured creditors.

Shareholders/contributories.

Costs and expenses properly incurred in the liquidation in accordance with the prescribed priority.

Preferential claims admitted by the liquidator.

All other claims admitted by the liquidator. However, if there are insufficient assets of the company to meet all these claims, these will rank pari passu among themselves.

Payment of all interest payable.

Creditors with a mortgage or fixed charge: assets secured in this way are outside the scope of the insolvency.

Costs of insolvency proceedings: all costs and expenses properly incurred in the company's winding-up (including liquidator's fees).

Employees' debts: sums due to employees under the terms of their employment contract.

Preferential payments, such as unpaid taxes, contributions to occupational pension schemes and liability for compensation for injury or occupational disease.

Creditors with a floating charge. 

Unsecured creditors.

Shareholder loans.

Shareholders' equity.

Fees of the judicial trustee. 

Labour-related and occupational accident claims, for services rendered after the bankruptcy decree. 

Funds provided by creditors to the bankruptcy estate. 

Expenses from the bankruptcy proceeding and court costs. 

Obligations from juridical acts performed during judicial reorganisation, or after the bankruptcy decree; expenses and taxes incurred after the bankruptcy decree. 

Labour-related, limited to 150 minimum wages; occupational accident claims. 

Secured claims to the limit of the value of the encumbered asset. 

Tax claims, except for tax fines. 

Special privileged claims. 

General privileged claims. 

Unsecured claims. 

Contractual penalties and fines for breach of criminal or administrative law, including tax related fines. 

Subordinate claims (such as claims of partners and officers without an employment bond).

The costs and expenses of the liquidator.

Preferential claims (for example, wages, pension contributions and medical insurance due to employees or social security payments and tax owed to the BVI government).  

Unsecured creditors' claims admitted in the liquidation.   

Interest incurred by creditors post-liquidation.  

Any surplus is distributed to the shareholders.

Super-priority claims, including:

Secured claims.

Preferred unsecured claims, including:

General unsecured claims.

Property which is subject to valid fixed security interests will be reserved to the secured creditors benefiting from that security.

Payment of the liquidation expenses.

Payment of preferred debts.

Payment of claims secured by a floating charge.

Payment of the ordinary unsecured creditors.

Payment of contractually subordinated creditors.

Payment of creditors whose claims derive through shares in the company by way of dividends or redemption proceeds.

Payment of post-liquidation interest on any debts.

Any balance is returned to the shareholders in accordance with their entitlements under the articles of association.

Secured creditors.

Bankruptcy expenses.

Creditors of common interest liabilities.

Preferential creditors.

Unsecured creditors.

Shareholders.

Costs of the winding-up. 

Preferential debts. 

Any amount secured by a floating charge. 

Unsecured ordinary creditors. 

Deferred debts, such as sums due to members for dividends declared but not paid. 

Share capital: where there are different classes of share capital, such as preference shares, their respective rankings are determined by the terms on which they were issued. 

Privileged creditors, secured creditors or mortgagees.

Unsecured creditors.

Subordinated debts.

Debts of a labour nature.

Costs of restructuring process of a company, including fees of the officials and auxiliaries involved in the process.

Loans taken by financial entities or other third parties providing funding duly authorised by the court.

The debts of essential providers and suppliers of public services duly authorised by the court.

Debts resulting from the execution of contracts that remain in force after the initiation of the restructuring process.

Other debts according to their rank.

Employees' pre-petition claims benefiting from a statutory super-privilege (in particular, wages in arrears for the previous 60 days before the opening judgment).

Post-petition court expenses validly incurred after the opening judgment.

Lenders that extended credit to a company as part of a workout agreement during conciliation proceedings. 

Lenders that granted new money facilities during the observation period or as part of a safeguard or rehabilitation plan with a view to ensuring continuation of the company's business activities and its sustainability.

In safeguard and rehabilitation proceedings, post-petition claims benefit from a statutory privilege provided they: 

Among the pre-filing claims, tax claims rank ahead secured claims, social security claims, certain employees senior claims (essentially, wages owed to employees for the last six months of work prior to bankruptcy) and unsecured claims (post-petition claims not qualifying for the statutory privilege are treated as unsecured pre-filing claims). 

Costs of the insolvency proceedings.

Insolvency estate creditors (for example, from new contracts signed by the insolvency administrator).

Secured creditors.

Insolvency creditors.

Subordinated creditors (for example, claims for repayment of shareholder loans).

Claims subordinated by agreement.

Shareholders.

Liquidator's fees and expenses of the winding up.

Preferential debts (rent due to a landlord, wages and salaries, unpaid income tax and social security contributions).

Unsecured debts.

Postponed debts.

Any surplus is distributed to shareholders according to their rights and interests.

Secured creditors.

Costs, charges and expenses properly incurred in the liquidation.

Preferential creditors (including employees).

Floating charge holders.

Ordinary unsecured creditors.

Shareholders. 

Assets belonging to third parties.

Priority costs:

Secured claims secured by a collateral or other security interest in the bankruptcy estate's assets, if they can be settled by means of the proceeds from sale of the relevant assets and any income derived from them by the bankruptcy estate.  

Priority claims (pension contributions, employee claims and fees of appointed agent or assistant). 

 General claims.

Subordinated claims. 

Cost of the insolvency resolution process and liquidation. 

Equally:

Wages and unpaid dues of employees (other than workers) for a period of 12 months preceding the liquidation commencement date.

Financial debts owed to unsecured creditors.

Equally:

Remaining debts and dues.

Dues of preference shareholders.

Dues of equity shareholders (for a company) or partners (for a limited liability partnership).

Preferred creditors (kreditur preferen). Preferred creditors are entitled to receive payment in full from the bankruptcy estate. Preferred claims are tax claims and post-bankruptcy/suspension of payments claims, such as:  

Secured creditors (kreditur separatis). These are the creditors holding security rights over some or all of the assets of the debtor. 

Unsecured creditors (kreditur konkuren). These rank as follows: 

Shareholders. Generally, the shareholders of the debtor rank behind all other creditors in the distribution of the proceeds of the bankruptcy estate. Any distribution they receive is proportional to the shares that they hold in the debtor, if there are remaining assets after distribution to other creditors.

Senior-ranked claims: claims that are qualified as such by the law, or arise during or for the purpose of restructuring/insolvency proceedings. These are paid without prejudice to the satisfaction of secured claims over the proceeds from the sale of secured assets.

Preferred and secured claims: preferred claims are granted with statutory priority over the debtor's assets as a whole (for example, claims from employees, professionals, tax and social security authorities), or a debtor's specific asset. Secured claims are granted by a mortgage or a pledge over a specific asset.

Unsecured claims: not granted with any kind of priority/security and paid in proportion to their amount.

Subordinated claims: paid if there are any resources left available after all other claims have been satisfied (for example, reimbursement of inter-company loans, or loans supplied by shareholders of a limited liability company, when certain conditions occur).

Shareholders' contributions.

Administrative claim creditors, which include the creditors the claim of which relates to either of:

Priority claim creditors, which include the creditors the claim of which relates to either of:

Bankruptcy claims.

Subordinated bankruptcy claim creditors, which include the creditors the claim of which relates to either of:

Fees of the Viscount of the Royal Court of Jersey (Viscount). 

Debtor's employees (specified entitlement). 

Taxes (including social security), rent and rates. 

All other debts proved in the désastre. 

Any surplus is distributed among the shareholders. 

Secured creditors in respect of immovable property are entitled to be repaid as a preference from the realisation of the property to which their security relates, less certain costs. 

The insolvency officer fees and all other insolvency expenses.

Employees (claims for the last six months, capped to six times the minimum salary).

Social security (employee's contributions).

Luxembourg tax authorities.

Social security (employer's contribution). 

Creditors whose claims are secured by mortgages, and pledges (other than those under the Collateral Act).

Unsecured creditors.

Shareholders. 

Privileged employment claims, (one-year salary, benefits and severance).

Administrative claims and debtor-in-possession financing.

Claims incurred as a result of payments for the "regular expenses in connection with the security, repair, conservation and management of the estate" assets.

Claims for judicial or extrajudicial procedures for the benefit of the estate".

Secured claims (including secured tax claims).

Labour and employment claims (other than privileged employment claims).

Unsecured tax claims.

Priority claims, which are those from creditors with a privilege or a retention right (for example, a mechanics' lien).

Unsecured claims.

Subordinated claims.

Claims against unlimited partners of the debtor, if these claims arose after the partner became an unlimited partner.

Mortgage and pledge can be enforced against the secured assets regardless of any insolvency proceedings.

Estate claims take priority over any other claim on the bankruptcy estate. 

Preferential claims require a statutory basis, and take priority over ordinary claims and subordinated claims. A preferential claim on a specific asset takes priority over general preferential claims.

Ordinary claims do not have any special status by law or contract.

Subordination of claims can be agreed by a debtor and creditor, or creditors among themselves. Additionally, equity is subordinated under Dutch law.

Inadmissible claims are those that:

Revenue and taxes due to the Federal or Provincial Government.

All wages or salary of any employee.

All accrued holiday remuneration payable to any employee, or if the employee is dead, to any other person entitled to it on their death.

Unless the company is undergoing a voluntary winding up for reconstruction or amalgamation with another company, all amounts in respect of contributions towards insurance payable for the next year by the company as an employer.

Insurance rights payments to employees "workmen" under section 14 of the Workmen's Compensation Act 1923.

All sums due to any employee from a provident fund, a pension fund, a gratuity fund or any other fund for the welfare of the employees maintained by the company.

The expenses for any investigation held under certain sections of the Companies Act.

Out-of-ranking claims or current payments. These are monetary obligations incurred after the court accepted the insolvency application. These are ranked as follows:

First rank claims. These are claims connected with compensation for loss of life or health caused by the debtor.

Second rank claims. These are claims by the debtor's employees and the copyright owners of intellectual property used by the debtor.

Third rank claims. These are all other claims. However, creditors whose rights are secured with pledges have a priority within this category of claims and are entitled to the majority of proceeds from the sale of the pledged property.

Secured creditors 

Preferential creditors/claims, namely: 

Concurrent creditors.

Costs of liquidation.

The Business Rescue Practitioner's remuneration and expenses.

Employee claims which became due and payable during the company's business rescue proceedings.

Lenders or creditors who provide post-commencement finance to the company in business rescue, irrespective of whether or not they are secured (paid in the order in which the claims were incurred).

Statutorily preferred unsecured creditors under sections 96 to 101 of the Insolvency Act.

All other unsecured claims of lenders or creditors.

Common interest claims. 

Secured rehabilitation claims.

Unsecured rehabilitation claims.

Shareholder claims/equity holder claims.

Estate claims.

Bankruptcy claims. 

Subordinated bankruptcy claims.

Preferential creditors (créditos privilegiados). These creditors are divided into two subcategories:  

Ordinary creditors (créditos ordinarios).  These are creditors with debts that cannot be classed as privileges or subordinated (see below) are ordinary debts. 

Subordinated creditors (créditos subordinados). These are creditors with debts which are considered subordinated debts. 

Credits against the insolvency state (créditos contra la masa). These arise after the declaration of insolvency and must be paid on maturity.  

First priority claims. These include: 

Claims inferior to first priority with a preferential right. These include:

Claims inferior to first priority without preferential right. Unsecured creditors' claims.

Claims not allowed to be filed in bankruptcy. These include the following that occur after declaration of bankruptcy:

Fixed charge holders.  

Liquidators' fees and expenses.

Preferred creditors.

Floating charge holders. 

Unsecured creditors.

Interest incurred on all unsecured debts post-liquidation.

Shareholders.

Secured claims.

Administrative expenses and priority claims. 

General unsecured claims.

Subordinated claims.

Equity interests.