15 & 16 Geo. 5.
c. 84.

686

SECRETARIAL PRACTICE
(d)

Unless the company is being wound up voluntarily merely
for the purposes of reconstruction or of amalgamation with
another company, or unless the company has at the com-
mencement of the winding up under such a contract with
insurer’s as is mentioned in section seven of the Workmen's
Compensation Act, 1925, rights capable of being transferred
to and vested in the workman, all amounts due in respect
of any compensation or liability for compensation under
the said Act accrued before the relevant date ;
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 con-
tributions payable during the twelve months next before
the relevant date by the company as the emplover of any
persons under either—

(i) the National Health Insurance Acts, 1924 to 1028:

z

or
15 & 16 Geo. 5.
c. 70. :

(ii) the Widows’, Orphans’ and Old Age Contributory
Pensions Act, 1925; or
(iii) the Unemployment Insurance Acts, 1920 to 1929.

(2) Where any compensation under the Workmen's Compensa-
tion Act, 1925, is a weekly payment, the amount due in respect
thereof shall, for the purposes of paragraph (d) of subsection (1) of
this section, be taken to be the amount of the lump sum for which the
weekly payment could, if redeemable, be redeemed if the employer
made an application for that purpose under the said Act.

(3) Where any payment on account of wages or salary has been
made to any clerk, servant, workman or labourer in the employment
of a company out of money advanced by some person for that purpose
that person 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 that clerk, servant, workman or labourer
would have been entitled to priority in the winding up has been
diminished by reason of the payment having been made.

(4) The foregoing debts shall—

(2) Rank equally among themselves and be paid in full,
unless the assets are insufficient to meet them, in which
case they shall abate in equal proportions; and
In the case of a company registered in England, so far as
the assets of the company available for payment of
general creditors are insufficient to meet them, have
priority over the claims of holders of debentures under
any floating charge created by the company, and be paid
accordingly out of any propertv comprised in or subiect
to that charge.

(5) Subject to the retention of such sums as may be necessary
for the costs and expenses of the winding up, the foregoing debts shall
be discharged forthwith so far as the assets are sufficient to meet them
and in the case of the debts to which priority is given by paragraph