TMI BlogPriority of payment of debts.X X X X Extracts X X X X X X X X Extracts X X X X ..... the final dividend, the following debts shall be paid in priority to all other debts- (a) firstly, the costs and expenses incurred by the bankruptcy trustee for the bankruptcy process in full; (b) secondly,- (i) the workmen's dues for the period of twenty-four months preceding the bankruptcy commencement date; and (ii) debts owed to secured creditors; (c) thirdly, wages and any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt to meet them, in which case they shall abate in equal proportions between themselves. (3) Where any creditor has given any indemnity or has made any payment of moneys by virtue of which any asset of the bankrupt has been recovered, protected or preserved, the Adjudicating Authority may make such order as it thinks just with respect to the distribution of such asset with a view to giving that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of his separate debts. (8) Where there is a surplus of the separate property of the partners, it shall be dealt with as part of the partnership property; and where there is a surplus of the partnership property, it shall be dealt with as part of the respective separate property in proportion to the rights and interests of each partner in the partnership property. *********** ..... X X X X Extracts X X X X X X X X Extracts X X X X
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