Companies Act 2014 section 622

Supplemental provisions in relation to section 621

Section 622 provides supplemental rules supporting the preferential payment regime in a winding up, covering the treatment of seized goods, holiday pay, ministerial powers to update monetary limits, and the notification requirements for preferential debts.

• Where a landlord or other person has seized a company's goods within three months before the relevant date, the preferential debts under section 621 take first charge over those goods or their sale proceeds.
• Remuneration for holidays or authorised absences from work is treated as wages for services rendered, and therefore qualifies for preferential status under section 621.
• The Minister may alter the monetary amount specified in section 621(4) by order, but only where changes in the general value of money in the State justify doing so.
• Preferential status applies only to debts that are notified to, or become known to, the liquidator within six months of the liquidator advertising for claims in at least two daily newspapers circulating in the district of the company's registered office.