Section 502 CAMA 2020
Section 502 Companies and Allied Matters Act is about Distribution. It is under Chapter 18 (Administration of companies: nature of administration) of the Act.
(1) The administrator of a company may make a distribution to a creditor of the company.
(2) Section 643 applies in relation to a distribution under this section as it applies in relation to a winding-up.
(3) A payment shall not be made by way of distribution under this section to a creditor of the company who is neither secured nor preferential unless the Court gives permission.
