Where s. 87(7) applies to a winding-up by virtue of s. 88(1)(e.2), s. 88(1) will not apply to an obligation of the subsidiary that is assumed on the winding-up.
RC implicitly assumed that s. 88(1.1) was available where the subsidiary had abandoned its business, and used all remaining assets to pay down debts, prior to its winding-up.
