Termination of certain contracts

(1) Within thirty days from the date of appointment, the liquidator can repudiate any unfulfilled or partially fulfilled contract, to the extent that the fulfillment of such contract is determined to be burdensome for the licensee and the repudiation would promote the orderly administration of the licensee’s affairs and protect depositors’ Notwithstanding any other law, any liability arising from the repudiation shall be determined as of the date of repudiation and shall be limited to actual direct damages incurred and shall not include any damage for lost profits or opportunity or non- monetary damages. (2) Subject to any law of Belize governing conditions of employment, the liquidator of a licensee may terminate, not later than three months after his appointment– (a) any employment contract of the licensee; (b) any contract for services to which the licensee is a party; and (c) any obligations of the licensee as a lessee of (3) A lessor of any property referred to in sub-section (1)– (a) must be given notice of not less than thirty days of the intended termination of the obligations of a licensee; (b) has no claim for rent other than rent accrued up to and including the date of the termination of the obligation of the licensee; and (c) has no right to consequential or other damages which arise by reason only of any termination of the obligations of the notwithstanding any term of the lease to the contrary. boxes.