In the event of the transfer or transformation of the company in any way, the employment relationship shall not be terminated and the personnel employed therein shall retain all their rights vis-à-vis the new owner unless all claims and rights have been duly settled by the transferring company.
In the cases referred to in the first paragraph, white-collar workers shall have the option of requesting the payment of the seniority allowance and of starting a new employment relationship.
In the event of the company’s bankruptcy followed by the worker’s dismissal, or in the event of the company’s termination, the worker will be entitled to the allowance in lieu of notice and severance pay as in the case of dismissal.