Article 148 - Preferential Debts

A reference in these Regulations to the preferential debts of a Company is 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 Company to a person who is or has been an employee of the Company by 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 Company to a person who is or has been an employee of the Company by way of reasonable accrued holiday remuneration and reasonable contributions to occupational pension schemes; and
(3) taxes, financial penalties and fees owed by the Company to the State, the QFC Authority, the Regulatory Authority and the CRO.