https://www.taxtmi.com/acts?id=31158 Priority of payment in bankruptcy distribution is fixed by a statutory order overriding contrary laws: bankruptcy trustee costs and expenses rank first, followed by workmen's dues and secured creditors, then employee wages, government dues, and lastly all other debts including unsecured debts. Debts within each class rank equally, shortfall is borne rateably, unsecured creditors rank equally unless agreed otherwise, surplus is applied to post-commencement interest, and partnership and separate property are applied according to the distinct liabilities of the firm and partners. en-us Tue, 02 Jan 2018 17:03:05 +0530 Tue, 26 May 2026 12:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=31158 Priority of payment in bankruptcy distribution is fixed by a statutory order overriding contrary laws: bankruptcy trustee costs and expenses rank first, followed by workmen's dues and secured creditors, then employee wages, government dues, and lastly all other debts including unsecured debts. Debts within each class rank equally, shortfall is borne rateably, unsecured creditors rank equally unless agreed otherwise, surplus is applied to post-commencement interest, and partnership and separate property are applied according to the distinct liabilities of the firm and partners. Act-Rules IBC Tue, 02 Jan 2018 17:03:05 +0530 https://www.taxtmi.com/acts?id=31158