Financial Restructuring and Bankruptcy Law

Article 146 — Article (146) Wages and Salaries Due Prior to Issuance of Decision to Initiate the Proceedings

Part Three: Declaration of Bankruptcy · Chapter Four: Contracts

1. The Trustee shall, not later than the ten (10) days following the issuance of a decision to initiate bankruptcy proceedings, and despite the presence of any other debt, use whatever amounts in his possession to pay the wages and salaries due before the issuance of the decision to initiate the proceedings. If the Trustee does not have the amounts necessary to pay these debts, the wages and salaries shall be paid from the first amounts he receives, even if there are other debts that precede the same in the rank of lien. 2. In accordance with Clause (1) of this Article, the amounts in excess of the foregoing, due to the aforementioned categories shall have the legally-prescribed lien rank.

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