Section 31

first, the costs and expenses of the winding-up, including the costs of the liquidator or the receiver;

secondly, all wages or salary (whether or not earned wholly or in part by way of commission), including any amount payable by way of allowance or reimbursement under any contract of employment, award or agreement regulating conditions of employment, of any employee not exceeding $5,000 in respect of services rendered by him to the international insurer within a period of 4 months prior to the commencement of the winding-up;

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BLUV as at 14th January 2016

thirdly, all amounts due in respect of workmen’s compensation under the Workmen’s Compensation Act (Chapter 74) which accrued before the commencement of the winding-up;

fourthly, all remuneration payable to any employee in respect of vacation leave, or in the case of his death to any other person in his right, which accrued in respect of any period before the commencement of the winding-up;

fifthly, all amounts due in respect of contributions payable during the 12

months next before the commencement of the winding-up by the international insurer as the employer of any person under any written law relating to employees’

superannuation or provident funds or under any scheme of superannuation or retirement benefit;

sixthly, all the liabilities and expenses attributable to its international insurance business of the class for which the particular insurance fund is created; and

lastly, after the liabilities and expenses attributable to the international insurance business of the class for which the particular insurance fund referred to in paragraph (f) is applicable have been fully met, the amounts required to make good any deficit in the other insurance funds.