(1) Not later than 30 days after the appointment, the official administrator shall prepare and deliver to the Central Bank an inventory of the licensed financial institution's or licensed financial holding company's assets and liabilities.
(2) The official administrator in his or her report shall classify the assets in accordance with applicable asset classification criteria.
(3) Not later than 90 days after the appointment, the official administrator shall prepare and deliver to the Central Bank a report on the financial condition and future prospects of the licensed financial institution or licensed financial holding company.
(4) The official administrator shall include in the report an assessment of the amount of assets likely to be realized in a liquidation of the licensed financial institution or licensed financial holding company.
(5) In the report referred to under subsection (3), the official administrator shall propose a plan of action which, as appropriate, may recommend —
(a) returning the licensed financial institution or licensed financial holding company to compliance with the provisions of this Act by carrying out a plan of corrective actions that may include a capital increase;
(b) compulsory liquidation of the licensed financial institution or licensed financial holding company if there is no reasonable prospect for the return of the licensed financial institution or licensed financial holding company to financial soundness through reorganization or otherwise; or
© any other course of action designed to resolve the licensed financial institution or licensed financial holding company in a manner that minimizes disruption to depositors and preserves the stability of the financial system.
(6) The official administrator shall promptly provide any additional report or information requested by the Central Bank.
(7) The Central Bank may —
(a) approve the report or additional report mentioned in subsection (3) or (6) without modification;
(b) approve the report or additional report mentioned in subsection (3) or (6) subject to such conditions as it considers necessary; or
© refuse to approve the report.
(8) On the basis of the report and with the approval of the Central Bank, the official administrator shall implement the plan of action.
(9) In carrying out any resolution pursuant to this Part, the Central Bank shall take into account the order of priorities of claims that would be applicable in liquidation, as set out in section 153 and ensure that similarly situated creditors are treated in a similar manner.
(10) The Central Bank may take any action otherwise authorised by this Part that does not comply with subsection (9) if it determines that the category of claims that are benefitted by an action are of strategic importance to the economy or that the action is necessary to contain potential systemic impact in connection with the resolution of the licensed financial institution or to maximise the value for the benefit of all creditors as a whole.
(11) The official administrator and the Central Bank result of actions taken in accordance with this Part, except to the extent that the amount received by a depositor, creditor, or shareholder as a result of the completion of the plan of action is less than the amount that would have been received if the licensed financial institution or licensed financial holding company had been liquidated and wound up under Part 10.
(12) In assessing any liability under subsection (11), actual or potential financial assistance provided by the Central Bank or any Participating Government to the licensed financial institution or licensed financial holding company, disregarding ordinary assistance offered by the Central Bank on its usual terms, or to a third party to facilitate the resolution must be disregarded.