This note is not part of the order, but is intended to indicate its general effect.
Section 308 of the Companies Act 1955 specifies the priority to be given in a winding up to payment of certain debts owing in respect of employees' wages and other specified matters.
That section currently provides that the total sum to which priority is to be given in respect of certain of those debts shall not, in the case of any one employee, exceed $2,000.
This order, which comes into force on 10 October 1988, increases that sum to $6,000.
The increased sum will not apply, by reason of section 308(8) of the Companies Act 1955,—
(b) in the case of a receivership or other similar situation, if the date referred to in section 101(3) of the Companies Act 1955 (eg, the date of the appointment of the receiver) occurred before 10 October 1988.