9911796707
TMI BlogPreferential payments.X X X X Extracts X X X X X X X X Extracts X X X X ..... ing four months within the twelve months next before the relevant date [2][* * *], subject to the limit specified in sub-section (2); (c) all accrued holiday remuneration becoming payable to any employee, or in the case of his death to any other person in his right, on the termination of his employment before, or by the effect of, the winding up order or resolution; (d) unless the company is being wound-up voluntarily merely for the purposes of reconstruction or of amalgamation with another company, all amounts due, in respect of contributions payable during the twelve months next before the relevant date, by the company as the employer of any persons, under the Employees' State Insurance Act, 1948 (34 of 1948), or any other law for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment has been made to any employee of a company,____ (i) on account of wages or salary; or (ii) to him, or in the case of his death, to any other person in his right, on account of accrued holiday remuneration, out of money advanced by some person for that purpose, the person by whom the money was advanced shall, in a winding up, have a right of priority in respect of the money so advanced and paid, up to the amount by which the sum in respect of which the employee or other person in his right, would have been entitled to priority in the winding up has been diminished by reason of the payment having been made. (5) The foregoing debts shall____ (a) rank equally among themselves and be paid in full, unless the assets are insufficien ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndered to the company during that period; (b) the expression "accrued holiday remuneration" includes, in relation to any person, all sums which, by virtue either of his contract of employment or of any enactment (including any order made or direction given under any enactment), are payable on account of the remuneration which would, in the ordinary course, have become payable to him in respect of a period of holiday, had his employment with the company continued until he became entitled to be allowed the holiday; [6][* * *] [7][(bb) the expression "employee" does not include a workman; and (c) the expression "the relevant date" means (i) in the case of a company ordered to be wound-up compulsorily, the date of the appointment ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
