Without prejudice to a potential right of retention or exclusive right on the payment, proceeds from the sale of movable property shall be distributed as follows:
1) to creditors with privilege provided for in articles 5-11, 11-1 and 33-1 above;
2) to creditors with court fees incurred for the purpose of the realization of a sold asset and the distribution of proceeds;
3) to creditors with charges for the preservation of the property of the debtor in the interests of the creditor whose securities were subscribed at an earlier date;
4) to creditors with super priority salaries in proportion of the value of the property compared to the entire estate;
5) to creditors guaranteed by a general privilege subject to publicity, pledge or suretyship, each according to the date of enforceability against third parties;
P. 100 of 139
6) to creditors with a special property lien, each according to the property to which the lien is attached;
7) to creditors of the union as defined in article 117 above;
8) to creditors with a general privilege according to the order established in the Uniform act on Security Interests;
9) to unsecured creditors with an enforceable title;
10) to unsecured creditors devoid of an enforceable title.
Where funds are insufficient to fully pay off the creditors of any of the categories mentioned in1°,
2°, 3°, 4 °, 7° ,8° and 9o of this Article and the said creditors have equal rank, the funds shall be distributed proportionately to their total debts on a pro rata basis.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 99
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
How Lex Cameroon marks its texts →