{~SOLVENCY Cap. 6:07 No. 7/2018 128 Post-commencement finance (I) To the extent that any remuneration, reimbursement for expenses or other amount of money relating to employment becomes due and payable by a company to an employee during the company's corporate rescue proceedings, but is not paid to the employee( a) the money is regarded to be post-commencement financing; and (b) will be paid in the order of preference set out in subsection (3)(a). (2) During its corporate rescue proceedings, the company may obtain financing other than as contemplated in subsection (1), and any such financing- (a) may be secured to the lender by utilising any asset of the company to the extent that it is not otherwise encumbered; and (b) will be paid in the order of preference set out in subsection (3)(b). (3) After payment of the practitioner's remuneration and expenses referred to in section 135, and other claims arising out of the costs of the corporate rescue proceedings, all claims contemplated(a) in subsection ( 1) will be treated equally, but will have preference over(i) all claims contemplated in subsection (2), irrespective of whether or not they arc secured; and (ii) all unsecured claims against the company; or (b) in subsection (2) will have preference in the order in which they were incurred over all unsecured claims against the company. (4) If corporate rescue proceedings are superseded by a liquidation order, the preference conferred in terms of this section will remain in force, except to the extent of any claims arising out of the costs of liquidation. 129 Effect of corporate rescue on employees and contracts (l) Despite any provision of an agreement to the contrary- (a) during a company's corporate rescue proceedings, employees of the company immediately before the beginning of those proceedings continue to be so employed on the same terms and conditions, except to the extent that(i) changes occur in the ordinary course of attrition; or (b) (ii) the employees and the company, in accordance with applicable labour laws, agree different terms and conditions; and any retrenchment of any such employees contemplated in the company's corporate rescue plan is subject to the Labour Act [Chapter 28:0fl, and any other applicable employment related legislation. (2) Subject to subsection (3), and despite any provision of an agreement to the contrary, during corporate rescue proceedings, the practitioner may(a) entirely, partially or conditionally suspend, for the duration of the corporate rescue proceedings, any obligation of the company that(i) arises under an agreement to which the company was a party at the commencement of the corporate rescue proceedings; and (ii) (b) would othenvise become due during those proceedings; or apply urgently to a court to entirely, partially or conditionally cancel, on any terms that are just and reasonable in the circumstances, any obligation of the company contemplated in paragraph (a). 293