Who are the preferential creditors?
Preferential creditors are the part of Unsecured Creditors who have priority of claim over other unsecured creditors.
1. All revenue, taxes, cesses and rates, whether payable to Government or to local authority, due and payable by the company within 12 months before the date of commencement of winding up.
2. All wages or salaries ( including commission earned )
3. All accrued holiday remuneration
4. All sums due as compensation under Workmen's Compensation Act, 1923
5. All sums due to an employee from provident fund, pension or any other fund maintained for the welfare of the employees
