(1) In any liquidation of a licensed financial institution's or licensed financial holding company's assets, allowed secured claims shall be paid to the extent of the realization of the security or the security shall be delivered to the secured creditor.
(2) Other allowed claims shall be paid in relation to all other debts, in the order described below —
(a) necessary and reasonable expenses of official administration and the receivership, including those paid by the Central Bank in accordance with section 136;
(b) wages and salaries of employees of the licensed financial institution or licensed financial holding company in liquidation for the six-month period preceding the appointment of the receiver for the licensed financial institution or licensed financial holding company except for wages and salary earned by a director or officer;
© the net amount due to any depositor of the licensed financial institution up to $200,000, except to a depositor identified in paragraph ©; (Amended by Act 16 of 2015)
(d) the net amount due to any depositor of the licensed financial institution in excess of the amount due under paragraph ©, if any, except to a depositor identified in paragraph ©;
© the net amount of deposits due to directors, officers and significant shareholders of the licensed financial institution;
(f) national insurance contributions for officers and employees due but not paid;
(g) taxes, rates and deposits owed to Saint Lucia and local authorities concerned;
(h) unsecured credits extended to the licensed financial institution or licensed financial holding company prior to the appointment of the receiver;
(i) subordinated debt;
(j) fees and assessments due to the Central Bank.
(3) After payment of all other claims filed, with interest at a rate to be fixed by the Central Bank, any remaining claims which were not filed within the prescribed time shall be paid.
(4) After payment of all claims filed, any remaining allowable claims that were not filed within the time specified by rule for the filing shall be paid.
(5) Any proceeds remaining after all claims of depositors and other creditors have been paid shall be distributed among the shareholders of the licensed financial institution or licensed financial holding company in accordance with their rights.
(6) Notwithstanding subsection (2), the Central Bank may take actions that would treat similarly situated creditors differently, but only if the Central Bank determines that —
(a) the category of claims that are benefitted by the action are of strategic importance to the economy or the action is necessary to contain potential systemic impact or to maximise the value for the benefit of all creditors as a whole; and
(b) no creditor will receive less in the liquidation than it would have without the disparate treatment.
(7) For the purpose of determining the net amount due to any depositor under subsections (2)©, (d) and ©, the Central Bank shall aggregate the amounts of all deposits in the licensed financial institution which are maintained by a depositor in the same capacity.