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