Ann: Appendix 3Y - Siegfried Konig, page-84

Pretty sure @jake0002 has the correct interpretation of Ziggys contract, and agree with you there would be no natural justice if he was to get a golden handshake. Those are supposed to be in recognition of excellent service to the company. The gross misconduct provisions of most contracts make interesting reading. Generally applicable when criminal acts have been committed, ie fraud, theft as a servant, violence, or abuse. Under this clause instant dismissal without compensation can be applied.
Also worth noting that in the event of bankruptcy wages owed will only be paid if the money is available. The receiver cannot borrow to pay out provisions of an employment contract, wages are just another bill, but a bit higher in the pecking order to receive available funds.