https://www.taxtmi.com/acts?id=15763 Workmen's dues and secured debts that rank pari passu with such dues are payable in priority to all other debts in a company's winding up. Wages or salary payable for the prescribed period before winding up must be paid in priority to all other debts within thirty days of asset sale and are subject to a prescribed charge over secured creditors' security; prioritized sums are payable in full before distributions to secured creditors and, if assets are insufficient, abate in equal proportions. en-us Fri, 23 Dec 2011 15:05:38 +0530 Fri, 23 Dec 2011 15:05:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=15763 Workmen's dues and secured debts that rank pari passu with such dues are payable in priority to all other debts in a company's winding up. Wages or salary payable for the prescribed period before winding up must be paid in priority to all other debts within thirty days of asset sale and are subject to a prescribed charge over secured creditors' security; prioritized sums are payable in full before distributions to secured creditors and, if assets are insufficient, abate in equal proportions. Act-Rules Bills Fri, 23 Dec 2011 15:05:38 +0530 https://www.taxtmi.com/acts?id=15763