Amendment status not verified — confirm the current text below against the official source.
prior ity of payment of contribution s OVER OTHER DEBTS:— (!) The amount due in respect of any Contribution under this Act or any charses incurred in respect of the administretion of any such Scheme shall, where the liabi lity has accrued before the person has been adjudicated as insolvent or in the case of a company ordered to be wound up before the date of such order, be deemed to be included among the debt under Section 61 of the Provincial Insolvency Act 1920 ( Act, V of 1920 ) or Section 530 of the Companies Act, 1956 and are to be paid in priority to all other debts in the distribution of the property of the insolvent or the assets of the Company being wound up, ss the case may be. (2) Without Prejudice to the provisions of sub-section (1) of this Section any amount due from an employer under the provision of this Act or the scheme framed thereunder shall be deemed to b the first charge on the assets of the establishment and shall, notwithstan ding anything contained in any other law for the time being in force, be paid in priority to all other debts.