Finance (No. 2) Act, 1959
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Priority in bankruptcy, etc. |
12.—(1) There shall be included among the debts which, under section 4 of the Preferential Payments in Bankruptcy (Ireland) Act, 1889, are to be paid in priority to all other debts in the distribution of the property of a bankrupt, arranging debtor, or person dying insolvent, so much as is unpaid of the employer's liability for the period of twelve months next before the date on which the order of adjudication of the bankrupt was made, the petition of arrangement of the debtor was filed, or, as the case may be, the person died insolvent. | |
(2) There shall be included among the debts which, under section 209 of the Companies (Consolidation) Act, 1908 , are to be paid in priority to all other debts in the winding up of a company, so much as is unpaid of the employer's liability for the period of twelve months next before the date of the commencement of the winding up or the date of the winding-up order, as the case may be. | ||
(3) Where a receiver is appointed on behalf of the holders of any debentures of a company secured by a floating charge, or possession is taken by or on behalf of those debenture holders of any property comprised in or subject to the charge, there shall be included among the debts which under sections 107 and 209 of the Companies (Consolidation) Act, 1908 , are to be paid in priority to any claim for principal or interest in respect of the debentures so much as is unpaid of the employer's liability for the period of twelve months next before the date on which the receiver is appointed or possession is taken as aforesaid, as the case may be. | ||
(4) For the purposes of this section “employer's liability for the period of twelve months” means all sums which an employer was liable under this Act and any regulations thereunder to deduct from emoluments to which this Part of this Act applies paid by him during the period of twelve months mentioned in this section, reduced by any amounts which he was under this Act and any regulations thereunder liable to repay during the same period, and subject to the addition of interest payable under section 8 of this Act. |