Section 7: Section 7: Miscellaneous
Article 148 - Preferential Debts
A reference in these
Regulationsto the preferential debts of a Companyis to the debts listed in this Article 148, and references to preferential creditors are to be read accordingly:(1) so much of any amount which is owed by the Companyto a person who is or has been an employee of the Companyby way of remuneration, which shall include any notice period not exceeding three months as does not exceed the sum of US$50,000;(2) so much of any amount which is owed by the Companyto a person who is or has been an employee of the Companyby way of reasonable accrued holiday remuneration and reasonable contributions to occupational pension schemes; and(3) taxes, financial penalties and fees owed by the Companyto the State, the QFC Authority, the Regulatory Authorityand the CRO.
Article 149 - QFC Court rules and practice to apply(1) The rules, practice and procedure of the
QFC Courtapply to the conduct of any proceedings under these Regulations, except so far as inconsistent with these Regulations.(2) An application to the QFC Courtshall be accompanied by the appropriate QFC Courtfee to be prescribed by the QFC Court.(3) No proceedings or procedures under these Regulationsor acts of an individual appointed as Liquidator, provisional Liquidator, Administrator, provisional Administratoror Supervisorshall be invalidated by any formal defect or by any irregularity in such proceeding, procedure or appointment, unless the QFC Courtconsiders that substantial injustice has been caused by the defect or irregularity, and that the injustice cannot be remedied by any order of the QFC Court.