6.6 Order of Priority in the Settlement of Liabilities Due to Cancellation

The winding-up's queue (the insurer's failure — the claims' order): the classic hierarchy's logic — the policyholders-and-claimants first (the protection's principle: the insurance creditors before the ordinary unsecured); the secured creditors' position; the employees' dues; the Authority's-and- government's dues; the shareholders' last. (The syllabus's own heading: the settlement of the liabilities due to the registration's cancellation — the Act's priority list governs; the policyholder- protection rationale the exam's point.)