Amendment status not verified — confirm the current text below against the official source.
Where any employer of dealer or producer of Handicraft products liable to pay contribution under section 4 is adjudicated as insolvent or in case such employer or dealer or producer of Handicraft products is a company, an order for winding up is made the amount due from such employer or dealer and producer of Handicraft products under this Act or the Scheme shall, where the liability therefore has accrued before the order of adjudication or winding up is made, be deemed to be included among the debts which under section 64 of the Insolvency Act, 1955, (Central Act 2 of 1956) or under section 530 of the Companies Act 1956, (Central Act 1 of 1956) 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, as the case may be. Employer not to reduce wages etc.