Finance Act, 1976

Priority in bankruptcy and winding-up.

62.—(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 person, being a bankrupt, arranging debtor, or person dying insolvent, any tax for which the person is liable in relation to taxable periods which shall have ended within the period of 12 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 and any interest payable by the person under section 21 of the Principal Act.

(2) (a) There shall be included among the debts which, under section 285 of the Companies Act, 1963 , are to be paid in priority to all other debts in the winding-up of a company any tax for which the company is liable in relation to taxable periods which shall have ended within the period of 12 months next before the relevant date and any interest payable by the company under section 21 of the Principal Act.

(b) Paragraph (a) shall, for the purposes of section 98 of the Companies Act, 1963 , be deemed to be contained in section 285 of that Act.

(c) In paragraph (a) “the relevant date” has the same meaning as it has in section 285 of the Companies Act, 1963 .