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of <h1>Section 529A Ensures Workmen's Dues and Secured Debts Are Top Priority in Company Liquidation Under Companies Act 1956.</h1> Section 529A of the Companies Act, 1956, addresses the priority of payments during the winding up of a company. It mandates that workmen's dues and debts owed to secured creditors, which rank equally with such dues, must be paid before all other debts. These payments are to be made in full unless the company's assets are insufficient, in which case they will be reduced proportionately. This provision overrides any conflicting laws or provisions within the Act, ensuring the prioritization of these specific debts.
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