class action, page-16

--- snip ---
Their ability to fund a viable action would depend upon whether there were any funds remaining within the collapsed group or whether the company has paid-up directors' and officers' liability insurance.

According to its latest annual report, it does.

However, recent changes to the Corporations Act mean that shareholders who successfully claim to have bought shares at a time the market was not fully informed rank below all creditors in a corporate insolvency.
--- snip ---

Not sure how to read/interpret the last paragraph. Does this mean the creditors also get in line, and ahead of share holders, for payouts from the insurers (in addition to getting paid from the proceeds of asset sales)?

link: http://www.theaustralian.com.au/business/companies/lawyers-lining-up-for-hastie-class-case/story-fn91v9q3-1226375568950