afgha, page-3

"As I understand the process the total cash pool obtained by the liquidators goes firsty to pay them and secondly to meet all secured debts. "

There are a set of assets that the secured creditors may not have a charge over. I am not clear if the secured creditors are just part of the overal creditor pool along with unsecured creditors with respect to these assets. I assumed they were when coming up with 6c. If the secured creditors need to be paid off first with this money then I don't know why the administrators would bother (as it seems clear that the secured creditors are not going to get 100% recovery).

So my questions are..
1. Are subordinated debt holders in fact subordinated to other unsecured creditors. Do claims of other unsecured creditors need to be paid in full before subordinated note holders get anything?

2. For the set of assets that the banks may not have a charge over; is the pool that entitled to recoveries
a) all debt holders ranking equally
b) just unsecured debt holders or
c) would secured debt holders be paid off first.

3. If any of the claims against the company, directors etc are succesful; is the pool that entitled to those claim
a) all debt holders ranking equally
b) just unsecured debt holders or
c) would secured debt holders be paid off first.