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Part 6 · Insolvency plan  ›  Division 3 · Effects of approved plan. Monitoring implementation of plan › Section 266

Consideration of lower-ranking status

(1) The lower-ranking status of insolvency creditors and of creditors referred to in section 265 is to be taken into account only in insolvency proceedings opened before termination of monitoring.

(2) In any such new insolvency proceedings such creditors take priority over any other lower-ranking creditors.

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