Above that, employee entitlements get paid out first in the event of bankruptcy/wind-up (i.e. before any investors or creditors see a cent).

Also, any director of a company that doesn't comply (i.e. keep enough cash on hand) is likely to 1) get banned from being a director of a company, 2) prosecuted, and worst of all 3) get reamed by the tax-office for the amount owing.

Healthcare is almost entirely public here. Employer-provided private health insurance is rare.