In a winding-up, the property of the insolvent company must be liquidated and the proceeds distributed pari passu amongst its unsecured creditors. This being mandatory, a company cannot by contract arrange to do things differently, and a provision purporting to do so will be void (British Eagle International Airlines v. Compagnie Nationale Air France [1975] 1 W.L.R. 758). The scope of this common law rule of public policy is, however, notoriously uncertain. Neuberger J.’s judgment in Money Markets International Stockbrokers Ltd. v. London Stock Exchange Ltd. [2002] 1 W.L.R. 1150, based on a thorough and erudite review of the authorities, suggests some helpful clarifications.