https://www.taxtmi.com/caselaws?id=96846 Wage and salary claims under section 230(1)(b) are legally superior to the interests of a holder of a floating charge over book debts; a floating charge does not defeat the statutory priority attaching at the date of winding up. A sale of book debts to a mortgagee that failed to preserve the section 230 priority was therefore improper. The appellant's monetary entitlement requires factual and evidential determination by the Original Side, and any proved sum must be satisfied in accordance with the statutory priority and the liquidator's rights, including possible re-sale consistent with that priority. en-us Mon, 10 Feb 1941 00:00:00 +0530 Wed, 11 Jan 2012 15:30:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96846 Wage and salary claims under section 230(1)(b) are legally superior to the interests of a holder of a floating charge over book debts; a floating charge does not defeat the statutory priority attaching at the date of winding up. A sale of book debts to a mortgagee that failed to preserve the section 230 priority was therefore improper. The appellant's monetary entitlement requires factual and evidential determination by the Original Side, and any proved sum must be satisfied in accordance with the statutory priority and the liquidator's rights, including possible re-sale consistent with that priority. Case-Laws Companies Law Mon, 10 Feb 1941 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96846