Priority of payment of contribution over other debts

Where any employer or dealer or producer of coir products or exporter liable to pay contributions under section 4 is adjudicated as insolvent or, in case such employer or dealer or producer of coir products or exporter is a company, an order for winding up is made, the amount due from such employer or dealer or producer of coir products or exporter under this Act or the scheme shall, where the liability therefore has accrued before the order of adjudication or winding up is made, be deemed to be included among the debts which under section 64 of the Insolvency Act, 1955 (2 of 1956) or under section 530 of the Companies Act, 1956 (Central Act 1 of 1956) are to be paid in priority to all other debts subject to section 26E of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(Central Act 54 of 2002) in the distribution of the property of the insolvent or the assets of the company being wound up, as the case may be.