The Principal Act is hereby amended by the substitution for section 275 of the following section -
(1) Subject to the provisions of this Act as to preferential payments, the property of a company on its winding up -
(a) shall, subject to subsection (2), be applied in satisfaction of its liabilities pari passu, and
(b) shall, subject to such application, and unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.
(2) Nothing in paragraph (a) of subsection (1) shall in any way affect any rights or obligations of the company or any other person arising as a result of any agreement entered into (whether before or after the commencement of section 132 of the Companies Act, 1990) by any person under which any particular liability of the company to any general creditor is postponed in favour of or subordinated to the rights or claims of any other person to whom the company may be in any way liable.
(3) In subse