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171.   Cost of liquidation

Revised Laws of Saint Lucia (2021)

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171.   Cost of liquidation

  1.  

    (1)   A liquidator shall pay the costs of liquidation out of the property of the society and shall pay or make adequate provision for all claims against the society.

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    (2)   After the date specified by the liquidator for distribution under section 168(c)(iii), he or she may distribute all or any part of the assets of the society among the parties entitled to the assets having regard to the claims of which the liquidator has notice.

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    (3)   The liquidator is not liable for any part of the assets of the society distributed under subsection (2) to any person notice of whose claims the liquidator did not have at the time of distribution.

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    (4)   When distributing the assets of a society under this section, the liquidator shall pay, in priority to the claims of the creditors of the society, the wages or salaries of all persons, other than directors, employed by the society at the time of the commencement of the obligation or within one month before, not more than 3 months' wages or salary, and those persons are entitled to rank as creditors of the society for any residue of the claims.

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