SECTION 1. Section fifty of Act Numbered Nineteen hundred and fifty-six, known as the "Insolvency Law", is hereby amended to read as follows:
"SEC. 50. The following are the preferred claims which shall be paid in the order named:
"(a) Necessary funeral expenses of the debtor, or of his wife, or children who are under their parental authority and have no property of their own, when approved by the court;
"(b) Debts due for personal services rendered the insolvent by employees, laborers, or domestic servants immediately preceding the commencement of proceedings in insolvency;
"(c) Compensation due the laborers or their dependents under the provisions of Act Numbered Thirty-four hundred and twenty-eight, known as the Workmen's Compensation Act, as amended by Act Numbered Thirty-eight hundred and twelve, and under the provisions of Act Numbered Eighteen hundred and seventy-four, known as the Employees' Liability Act, and of other laws providing for payment of indemnity for damages in cases of labor accidents;
"(d) Legal expenses, and expenses incurred in the administration of the insolvent's estate for the common interest of the creditors, when properly authorized and approved by the court;
"(e) Debts, taxes, and assessments due the Insular Government;
"(f) Debts, taxes, and assessments due to any province or provinces of the Philippine Islands;
"(g) Debts, taxes, and assessments due to any municipality or municipalities of the Philippine Islands;
"All other creditors shall be paid pro rata."