SCHEDULES
C1SCHEDULE 4THE CATEGORIES OF PREFERENTIAL DEBTS
Interpretation for Category 5
14
1
This paragraph relates to a case in which a person's employment has been terminated by or in consequence of his employer going into liquidation or being adjudged bankrupt (his employer being a company not in liquidation) by or in consequence of—
a
a receiver being appointed as mentioned in Article 50 (debenture‐holders secured by floating charge), or
b
the taking of possession by debenture‐holder (so secured), as mentioned in F1section 754 of the Companies Act 2006.
2
For the purposes of paragraphs 9 to 12, holiday remuneration is deemed to have accrued to that person in respect of any period of employment if, by virtue of his contract of employment or of any statutory provision, that remuneration would have accrued in respect of that period if his employment had continued until he became entitled to be allowed the holiday.
3
The reference in sub‐paragraph (2) to any statutory provision includes an order or direction made under a statutory provision.
Sch. 4 applied (with modifications) (4.1.2024) by S.I. 2021/716, reg. 37A (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 12)