Article (156) Priority of Claims

(a) The rights pertaining to any of the following shall have preferences over the property of the Licensees in liquidation.
1. The Administrator's fees and reasonable expenses incurred by the Administrator during the administration period of the Licensee, and the wages and salaries of the officers and employees of the Licensee up to the date on which the petition for compulsory liquidation was filed at the competent court or the date of termination of the relevant contract of employment whichever is earlier.
2. The liquidator's fees and reasonable expenses incurred by the liquidator during the period of liquidation.
3. Fees and taxes due to the Government, its organisations, Agencies and the Central Bank.
4. Deposits and loans taken with the approval of the Central Bank to protect the Licensee from insolvency.
5. Deposits of value not exceeding twenty thousand (20,000) Bahraini Dinars per depositor.
6. Other deposits that exceed the amount stated in the previous item and all other unsecured debts due upon the Licensee.
7. Amounts due to the shareholders in proportion to their respective shares.
(b) Each of the rights stated in the items of the above paragraph shall all have equal status and shall be paid in full after settling the rights of higher priority according to the order of priority in the above paragraph, unless the assets are inadequate to meet all of the said rights, then such debts should be reduced in equal proportions.
(c) The secured debts of the creditors of the Licensees and the current settlements taking place in the clearing house of the stock exchange shall be paid without reference to the order of priority set in paragraph (a) of this Article.
(d) Interest due on the debts of the Licensee shall accrue up to the date of filling the petition for the compulsory liquidation to the Competent Court or any date agreed by the Licensee and its creditors whichever is earlier,