Voluntary winding-up and distributions

(1) The assets of a licensee being voluntarily wound-up that remain after settlement of all claims of its depositors and other creditors and other persons having an interest in the funds or property of the licensee are to be distributed among the shareholders of the licensee in proportion to their respective (2) Notwithstanding sub-section (1), no distribution of the remaining assets of a licensee may be made– (a) before all claims of depositors and other creditors have been settled, or, in the case of a disputed claim, before the licensee has deposited with the Central Bank sufficient funds to meet any liability that could arise under that claim; (b) before any funds that are payable to a depositor or other creditor as disclosed in the records of the licensee who has not made his claim have been deposited with the Central Bank; or (c) before any funds or property held by the licensee that could not be returned, in accordance with sub-section (1), to the 169 persons who have an interest therein have been deposited with or transferred to the Central Bank, together with the relevant records.