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For unsecured creditors to benefit from
the "prescribed part" two tests must first be satisfied:
- The insolvency process must commence
after the 15th September 2003.
- The intervening bank debenture
must have been created after 15th September 2003.
Because of this second test it is likely
that for many years to come (while pre 15th September 2003
debentures continue in existence) the "prescribed part"
will not apply in the bulk of insolvencies.
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