This is an interesting conversation. IMO, Taxation is not coupled with anything other than an obligation to be paid regardless of circumstances, and when accrued during the year it must be paid. Meh, I am no tax guru, and I would like to think someone on HC can clarify how when lets say 200m is owed with secured creditors of 100m, and 100m owed in tax how the disbursement would be worked out when, say, 90m is recouped after all assets are realised etc.
IMO, Tax must be paid first - but that is just my opinion (Having had major fights with the Tax office in the past)
Cheers,
Ballsup - by name and nature, IMO, NFA and as usual NFI
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