XIII.
(10%)
(a) What are the preferred claims that shall be satisfied first from the assets of an insolvent corporation?
(b) How shall the remaining non-preferred creditors share in the estate of the insolvent corporation above?
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XIII.
a.
The preferred claims that shall be satisfied first from the assets of an insolvent corporation are as follows:
1. Equitable claims under Section 48 of the Insolvency Law;
2. Preferred claims under Article 2241 and Article 2242 of the Civil Code;
3. Preferred claims under Article 2244 of the Civil Code;
b.
The remaining non-preferred creditors shall share on the estate of the insolvent corporation pro rata without any priority or preference.
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