Preferential payments in corporate winding up take statutory priority over other creditors and floating charges. Section 327 prescribes statutory preferential payments in winding up-taxes and rates due within twelve months, limited recent wages and salaries, accrued holiday remuneration, employer social security contributions for twelve months, workmen's compensation liabilities, employee welfare fund sums, and investigation expenses-which rank equally among themselves, abate pro rata if assets are insufficient, and have priority over debenture holders under any floating charge; third party advances to employees acquire corresponding priority, and certain claims may be discharged without formal proof.