§383-72  Priorities under legal dissolutions
or distributions.  In the event of any distribution of an employer's assets
pursuant to an order of any court under the laws of this State, including any
receivership, assignment for benefit of creditors, adjudicated insolvency,
composition, or similar proceedings, contributions then or thereafter due shall
be paid in full prior to all other claims except taxes and claims for wages of
not more than $300 to each claimant, earned within six months of the commencement
of the proceeding.  In the event of an employer's adjudication in bankruptcy,
judicially confirmed extension proposal, or composition, under the federal
Bankruptcy Act of 1898, as amended, contributions then or thereafter due shall
be entitled to such priority as is provided in section 64(a) of that Act (11
U.S.C. sec. 104(a)), as amended. [L 1939, c 219, §9(f); RL 1945, §4268; am L
1955, c 81, §1; RL 1955, §93-71; HRS §383-72]