A compulsory winding up in insolvency order was issued by the court in respect of Rock Bottom Ltd. The company had a capital of 65 000 fully paid ordinary shares of $1 each. The liquidator took possession of the company's assets which raised $873 145 on sale. Included in the sale proceeds was $221 000 from the disposal of the land and buildings.

The creditors submitted their claims and the following debts were admitted as proven:

Liquidation expenses

Liquidator's remuneration

Mortgage loan secured on land and buildings

Additional mortgage loan on land and buildings

Employees' wages 5 employees for 2 weeks at $520 per week

Secretary's salary 3 weeks at $314 per week 942

Employees' holiday pay

Sales commission 650

Managing director's salary 4 weeks at $780 per week Directors' fees

Trade creditors

Unsecured loan stock

Debentures (secured by circulating security interest) PAYG tax instalment

Fringe benefits tax

GST

3 120

3 900 104 000 130 000 390 000

1. 1014
2. 2600

2 586

Required

Show the order of priority of payment of debts for Rock Bottom Ltd and calculate the amount payable to the company's ordinary unsecured creditors.