Creditors with a right to separate satisfaction are deemed to be insolvency creditors if they also have a personal claim against the debtor. However, they are entitled to proportionate satisfaction of their claim from the insolvency estate only to the extent that they waive their right to separate satisfaction or that such separate satisfaction has failed.
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Part 2 · Opening of insolvency proceedings. Recognised assets and parties to proceedings › Division 2 · Insolvency estate. Classification of creditors › Section 52
Elimination of creditors with right to separate satisfaction
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