Subsequent to any distribution of an employer's assets pursuant to a court order, including any receivership, assignment for the benefits of creditors, adjudicated insolvency, composition or similar proceeding, contributions then or thereafter due shall be paid in full on the same basis as all other tax claims but on a parity with claims for wages of not more than two hundred fifty dollars to each claimant earned within six months of the commencement of the proceeding. Subsequent to an employer's adjudication in bankruptcy or judicially confirmed extension proposal or composition under the Federal Bankruptcy Act, contributions then or thereafter due shall be entitled to such priority as is provided in that act.
HISTORY: 1962 Code Section 68-211; 1952 Code Section 68-211; 1942 Code Section 7035-94; 1936 (39) 1716; 1939 (41) 487; 1941 (42) 369; 2010 Act No. 234, Section 1, eff January 1, 2011.
Effect of Amendment
The 2010 amendment substituted "Subsequent to any" for "In the event of any" in the first and second sentences, and in the first sentence, substituted "a court order," for "an order of any court under the laws of this State,", and made nonsubstantive changes.