Section 42 of the Principal Act is amended by the substitution of the following subsections for subsections (1) and (3), respectively:

"(1) There shall be included among the debts which, under section 285 of the Companies Act, 1963, are, in the distribution of the assets of a company being wound up, to be paid in priority to all other debts, all contributions (other than employer's redundancy contributions to which section 28 (inserted by the Redundancy Payments Act, 1979) applies) payable by the company under this Act during the twelve months before the commencement of the winding up or the winding-up order and any lump sum (or portion of a lump sum) payable under this Act by such a company, and the said section 285 shall have effect accordingly, and formal proof of the debts to which priority is given under this subsection shall not be required except in cases where it may otherwise be provided by rules made under the Companies Act, 1963.