State the order of payment to be followed by liquidator.

The amount received from the assets not specifically pledged & the amounts contributed by the contributories must be distributed by the liquidator in the following order: Expenses of winding up including the liquidators remuneration Preferential creditors Creditors secured by the floating charge on the assets of the company Unsecured creditors Preference share capital Surplus, if any, amongst the contributories (equity shareholders)