(1) Despite any law to the contrary, in a compulsory liquidation of a licensee, the following claims shall have priority against the general assets of the licensee as follows—
(a) necessary and reasonable expenses incurred by the receiver and subsequently by the liquidator;
(b) wages and salaries of officers and employees of the licensee in liquidation for the six-month period preceding the appointment of the receiver for the licensee, except where the wages and salaries are that of employees who were directly responsible for the compulsory liquidation;
(c) National Insurance contributions for officers and employees due but not paid;
(d) balances of $100,000 and less in time deposits;
(e) other deposits;
(f) taxes, rates and deposits owed to the Government; and
(g) fees and assessments due to the Government.
(2) After payment of all other claims filed, with interest thereon at a rate to be fixed by the liquidator with the approval of the Court, any remaining claims which were not filed within the prescribed time shall be paid.
(3) If the amount available for any class is insufficient to provide payment in full, the said amount shall be distributed pro rata among the members of the class.