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Priority of payment of debts.

Section 178 - Act - ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT - Insolvency and Bankruptcy - Section 178 - 178. (1) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or the State Legislature fo .....

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ondly,- (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 unpaid dues owed to employees, other than workmen, of the bankrup .....

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dated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the bankruptcy commencement date; (e) lastly, all other debts and dues owed by the bankrupt including unsecured debts. (2) The debts in each class .....

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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 .....

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l rank equally amongst themselves unless contractually agreed to the contrary by such creditors. (5) Any surplus remaining after the payment of the debts under sub-section (1) shall be applied in paying interest on those debts in respect of the perio .....

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