Makings Ltd, whose capital consisted of $150 000 in fully paid shares, was wound up as a result of a court order. Its liquidator realised $581 680 from the sale of the company's assets. This amount included $170 000 from the proceeds on sale of the company's land and buildings (which the mortgage holder disposed of).

?

Makings Ltd, whose capital consisted of $150 000 in fully paid shares, was wound up as a result of a court order. Its liquidator realised $581 680 from the sale of the company's assets. This amount included $170 000 from the proceeds on sale of the company's land and buildings (which the mortgage holder disposed of). + Debts proved and admitted were as follows. Unsecured notes $100 000 Debentures (secured by circulating security interest) 300 000 Mortgage on land and buildings 180 000 Accounts payable 80 000 PAYG tax instalment 780 Fringe benefits tax 2 000 Directors' fees 3 000 GST 1989 Employees' holiday pay 5 000 Employees' wages - 5 employees for 2 weeks at $400 per week 4 000 Secretary's salary - 3 weeks at $240 per week 720 Managing director's salary - 4 weeks at $600 per week 2 400 Sales commission 500 Liquidation expenses 3 000 Liquidator's remuneration 8 000> Required Show the order of priority of payment of debts and amounts paid to creditors for Makings Ltd