Voluntary winding-up and approval of Central Bank

(1) Except with the prior written approval of the Central Bank, no licensee may be wound-up voluntarily. (2) Subject to sub-section (3), approval for a voluntary winding-up of a local licensee or the business in Belize of a foreign licensee may be given by the Central Bank only if it is satisfied that– (a) the licensee is solvent and has sufficient liquid assets to repay its depositors and other creditors in full and without delay; (b) the winding-up has been approved by the holders of at least two-thirds of the issued voting shares of the licensee; and 166 (c) there are clear procedures in place for repayment of its depositors and creditors within a reasonable period of time. (3) Where the Central Bank finds in respect of a licensee that there is imminent danger of its insolvency, the Central Bank may waive the requirements under sub-section (2) if– (a) the winding-up is to be effected in whole or in part– (i) through the sale of any of the assets of a local licensee to another licensee; or (ii) through the sale of any of the assets in Belize of a foreign licensee to another licensee; and (b) any deposit liabilities of the licensee to be wound-up are to be assumed by that other