18Application of money received

18 Application of money received

18 Application of money received

(1) The receiver shall, subject to any order of the Court, pay and apply all money received by him in the following order, that is to say:

(a) firstly, in the payment of the costs, charges and expenses of collection, and of his commission or remuneration,

(b) secondly, in the payment of the amount due and payable to the chargee having regard to the ranking of obligations secured by the charge in relation to other obligations with which those obligations, pursuant to section 11, rank pari passu, and

(c) thirdly, in the payment of all the residue of the money to the Commission.

(2) Without limiting the powers of the Court, the Court may make an order determining the amount referred to in subsection (1) (b).