https://www.taxtmi.com/caselaws?id=104952 Amounts deducted from workers' wages under a tripartite arrangement were treated as trust money held by the company only as custodian for remittance to the society. The deductions did not become part of the company's beneficial assets and could be followed in liquidation, giving the society a preferential claim. The existence of mortgages in favour of secured creditors and the liquidator's rights in the equity of redemption did not defeat that entitlement, because those rights extended only to the company's own assets and not to trust property. The liquidator was required to release the trust amount to the society before distributing liquidation proceeds. en-us Thu, 30 Sep 1999 00:00:00 +0530 Thu, 01 Mar 2012 18:25:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104952 Amounts deducted from workers' wages under a tripartite arrangement were treated as trust money held by the company only as custodian for remittance to the society. The deductions did not become part of the company's beneficial assets and could be followed in liquidation, giving the society a preferential claim. The existence of mortgages in favour of secured creditors and the liquidator's rights in the equity of redemption did not defeat that entitlement, because those rights extended only to the company's own assets and not to trust property. The liquidator was required to release the trust amount to the society before distributing liquidation proceeds. Case-Laws Companies Law Thu, 30 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104952