Liability of Employer upon Wind Up

(1) Where a pension plan is wound up, the employer shall pay into the pension fund an amount equal to the total of all payments that, under this Act, the regulations and the pension plan, are due or that have accrued and that have not been paid into the pension fund. (2) The employer shall pay the money due under sub-section (1) in the prescribed manner and at the prescribed times. (3) In any case where– (a) any warrant of distress is executed against the property of an employer and the property is seized or sold in pursuance of the execution; or (b) on the application of a secured creditor the property of an employer is seized or sold, the property or the proceeds of sale of the property shall not be distributed to any person entitled thereto until the court ordering the seizure or sale has made provision for the payment into a pension fund of any amount payable by the employer.