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Liquidation

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28 February 2011 Please tell me who/what are included in Preferential creditors ?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 February 2011 Preferential Creditors are creditors whose claims rank higher in priority than those of ordinary/unsecured creditors.

Eg:
1) All debts due to the government or local authorities.
2) salary due to clerk, wages due to workers, rent etc.
3) All compensation payable to an employee on termination of employment where the statutory minimum notice of termination has not been given.
4) Sick pay to an employee pursuant to any sick pay schemes.
5) Damages and costs due to an employee as a result of an accident to the extent that it is not covered by insurance. etc.
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