https://www.taxtmi.com/acts?id=12934 Preferential payments in winding up rank specified claims ahead of other unsecured creditors and, where applicable, ahead of floating charge debenture holders. Priority covers recent government revenues and rates, employee wages up to a limited recent period, accrued holiday pay, employer statutory contributions and workmen's compensation liabilities, sums from company employee welfare funds, and certain investigatory expenses. These claims rank equally and abate proportionately if assets are insufficient, are to be paid promptly subject to winding up costs, and carry defined charges over distrained goods and floating charge property. en-us Wed, 18 May 2011 11:43:30 +0530 Wed, 18 May 2011 11:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12934 Preferential payments in winding up rank specified claims ahead of other unsecured creditors and, where applicable, ahead of floating charge debenture holders. Priority covers recent government revenues and rates, employee wages up to a limited recent period, accrued holiday pay, employer statutory contributions and workmen's compensation liabilities, sums from company employee welfare funds, and certain investigatory expenses. These claims rank equally and abate proportionately if assets are insufficient, are to be paid promptly subject to winding up costs, and carry defined charges over distrained goods and floating charge property. Act-Rules Companies Law Wed, 18 May 2011 11:43:30 +0530 https://www.taxtmi.com/acts?id=12934