(1) In this section "Act of 1988" means the Bankruptcy Act 1988.

(2) The assets of a limited company in a winding-up under the Companies Acts 1963 to 2005 shall not include - 

(a) any sum deducted by an employer from the remuneration of an employee of the employer paid before the winding-up in respect of an employment contribution due and unpaid by the employer in respect of that contribution, or

(b) any sum which would have been deducted from the remuneration of an employee in respect of an employment contribution for a period of employment before a winding-up had that remuneration been paid before the winding-up,

and in such a winding-up a sum equal in amount to the sum so deducted and unpaid or which would have been deducted and payable shall, notwithstanding anything in those Acts, be paid to the Social Insurance Fund in priority to the debts specified in section 285 (2) of the Companies Act 1963.