Priority of payment of contribution of over other debts

Where any employer is adjudicated insolvent or the employer is a company and an order for winding up of such company is made, the amount due from the employer under this Act or the scheme shall, where the liability therefore has accrued before the order for adjudication or winding up is made, be deemed to be included among the debts which under section 64 of the Insolvency Act, 1955 (II 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 in the distribution of the property of the insolvent or the assets of the company being wound up as the case may be.