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of <h1>Workmen's dues get top priority in company winding up, overriding secured creditors u/s 529A and related provisions</h1> In the winding up of a company, workmen's dues and certain unrecovered portions of secured creditors' debts (limited to the workmen's portion in the security) are paid in priority to all other debts, pari passu with each other. Specified sums, including wages and related amounts for up to two years preceding the winding up order (or prescribed period), must be paid within 30 days of asset sale, ahead of even secured creditors, and are subject to a statutory charge. Priority debts are paid in full, or rateably if assets are insufficient. The provision defines 'workmen,' 'workmen's dues,' and 'workmen's portion' for allocation of security value.
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