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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Prioritized Debt Payments in Company Liquidation: Taxes, Employee Wages, Holiday Pay, and Investigation Costs Take Precedence</h1> In the event of a company's winding up, certain debts are prioritized for payment over others. These include taxes owed to government entities, wages or salaries due to employees for up to four months prior, holiday pay, contributions under the Employees' State Insurance Act, compensation under the Workmen's Compensation Act, and employee welfare funds. Investigation expenses also take precedence. These debts must be paid in full if assets allow, otherwise they are paid proportionally. They have priority over debenture claims under any floating charge. Any holiday or medical leave remuneration is considered wages for these purposes.
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