8. What is the order of payment after the bankruptcy’s assets are sold?
Generally speaking, the money received by the bankruptcy estate after the bankruptcy assets are sold will be applied in the following order:
- the fees and charges of the Official Receiver;
- the petitioner’s costs (if it is a creditors’ petition);
- the fees and charges of the Trustee;
- repayment to preferential creditors (e.g. tax);
- repayment to ordinary creditors (e.g. bank loans);
- interest on the debts.