https://www.taxtmi.com/acts?id=12932 In winding up of an insolvent company, insolvency rules apply to provable debts, valuation of contingent liabilities, and creditor rights. A secured creditor's security is subject to a pari passu charge in favour of workmen to the extent of the workmen's portion; the liquidator may enforce that charge and apply proceeds rateably to workmen's dues. A secured creditor who realises security must pay his share of preservation expenses, calculated by apportioning total preservation costs net of the workmen's share. Definitions set out "workmen", "workmen's dues" and the method for computing the "workmen's portion." en-us Wed, 18 May 2011 10:55:40 +0530 Wed, 18 May 2011 10:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12932 In winding up of an insolvent company, insolvency rules apply to provable debts, valuation of contingent liabilities, and creditor rights. A secured creditor's security is subject to a pari passu charge in favour of workmen to the extent of the workmen's portion; the liquidator may enforce that charge and apply proceeds rateably to workmen's dues. A secured creditor who realises security must pay his share of preservation expenses, calculated by apportioning total preservation costs net of the workmen's share. Definitions set out "workmen", "workmen's dues" and the method for computing the "workmen's portion." Act-Rules Companies Law Wed, 18 May 2011 10:55:40 +0530 https://www.taxtmi.com/acts?id=12932