Section 153 Priority in bankruptcy, etc.

Subject to and in accordance with Schedule 18 to this Act, the debts specified in subsection (2) of this section shall be included among those accorded priority under the relevant enactments specified in that Schedule (being enactments relating to personal insolvency, companies' winding-up and the remedies of debenture holders and chargees).

The debts referred to above are any sums owed on account of Class 1 contributions (primary or secondary) or Class 2 contributions payable in either case under this Act or the 1975 c. 15.Social Security (Northern Ireland) Act 1975 in the period of 12 months immediately preceding the date of the relevant event (which expression has the meaning indicated by Schedule 18).

Any priority accorded by the enactments relating to personal insolvency which are specified in Schedule 18 to this Act to debts consisting of income tax assessed and unpaid shall be accorded, to the same extent and subject to the same limitations, to debts consisting of Class 4 contributions (under this Act or the Social Security (Northern Ireland) Act 1975) assessed and unpaid, so far as owed to the Inland Revenue and not to the Secretary of State or the Northern Ireland Department.