Amendment status not verified — confirm the current text below against the official source.
Where any employer, liable to pay contribution to the fund under Section 4 is adjudicated as insolvent or in case such employer is a company, an order of winding up is made, the liability in respect of the amount due from such employer 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 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) which are to be paid in priority to all other debts, in the distribution of the property of the insolvent or the asset of the company being wound up, as the case may be.