Section 70: Priority as to amounts due to the Fund in the case of employer's insolvency.

(1) Notwithstanding anything contained in this Act, where an employer becomes insolvent, any amount due or required by an employer to be paid to the Fund on an assessment made under this Act or on a judgement for it, shall constitute a lien in favour of the Fund payable in priority over all liens, charges or mortgages of every person, wherever created or to be created, with respect to the property or proceeds of property, real, personal or mixed, used in or in connection with or produced in or by industry with respect to which the employer was assessed or the amount became payable, excepting liens for wages due to employees by their employers.
(2) The lien created in favour of fund subsection (1) of this section shall remain valid and in force with respect to each assessment until the expiration of 5 years from the end of the calendar year for which the assessment was levied.
(3) Where the employer is a body corporate, the word "property" in sub-section (1) of this section shall include the property of any director, manager, secretary or other officers of the body corporate where the property is used in, or in connection with the industry in respect of which the employer was assessed or the amount became payable, or was so used within the period in respect of which assessment are unpaid.