If I'm not mistaken, here in Belgium first the assets of the company are sold off and from that money, first the employees are paid out their contracts. After

If I'm not mistaken, here in Belgium first the assets of the company are sold off and from that money, first the employees are paid out their contracts. After that the money goes to other instances (like the loan by the bank etc). EDIT: They are paid out their outstanding wage for their performed work, not to the end of their contracts