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of <h1>Debts Prioritized in Company Winding Up: Taxes, Employee Wages, Welfare Contributions, and Investigation Expenses Under Specific Sections.</h1> In a company winding up, certain debts are prioritized over others. These include taxes owed to the government, employee wages for up to four months, accrued holiday pay, and contributions under employee welfare laws. Compensation under the Workmen's Compensation Act and amounts due to employee welfare funds are also prioritized. Investigation expenses under specific sections are included. These debts are paid equally and take precedence over claims by debenture holders under floating charges. Payments made to employees from advanced funds grant the lender a priority claim. The section does not apply to windings up initiated before the Companies Act, 1956.
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