Section 389 — Application of insolvency rules in winding up of insolvent companies

In the winding up of an insolvent company the same rules shall
prevail and be observed with regard to the respective rights of secured and
unsecured creditors and to debts provable and to the valuation of annuities and
future and contingent liabilities as are in force for the time being under the law of
insolvency with respect to the estates of persons adjudged insolvent; and all persons
who in any such case will be entitled to prove for and receive dividend out of the
assets of the company may come in under the winding up, and make such claims
against the company as they respectively are entitled to by virtue of this section.