Providing for a fair and equitable ranking of creditor claims

Insolvency law heralds the principle that all creditors are collectively (not equally) entitled to the available assets of the debtor. Therefore, indi- vidual rights of enforcement are suspended in favour of a collective regime. However, this collective entitlement is based on an established hierarchy of claims in insolvency, which is based on a combination of pre-insolvency agreements, insolvency legislation, common law principles, property law and company law