Amendment status not verified — confirm the current text below against the official source.
Priority of payment of contribution over other debts.—Where any employer, dealer or producer of bamboo or kattuvalli products or pandanus leaf products or any other person liable to apy contribution under section 4, is adjudicated as insolvent or in case such employer, dealer or producer is a company an order of winding up is made, the amount due from such employer or dealer or producer of bamboo products or kattuvalli products or pandanus leaf products or any other person under this Act or the Schem,e shall, where the liability therefor 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 (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.