Priority of claims

(1) In any liquidation of a licensee’s assets, allowed secured claims shall be paid to the extent of the realization of the security or the security shall be delivered to the secured (2) The following unsecured claims have priority against the general assets of a licensee being compulsorily wound-up under this Act, namely– (a) firstly, claims of the Central Bank and the Deposit Insurance Corporation in respect of, (i) credits extended to the licensee until the appointment of the liquidator; or (ii) deposit insurance payment to insured (b) secondly, credits extended to the licensee prior to the appointment of the liquidator and under collateral whose object are the licensee’s assets and to the extent of such collateral; (c) thirdly, the necessary and reasonable expenses incurred by the statutory administrator or liquidator, including professional fees in carrying out its functions under this Act; (d) fourthly, the wages and salaries of the officers and employees of the licensee, whether or not earned wholly or in any part by way of 189 commission, including any amount payable by way of allowance or reimbursement under any contract of employment or award or agreement regulating of employment, that accrued during the three months immediately preceding the appointment of a statutory administrator or liquidator under this Act, provided that such amount does not exceed five thousand dollars; (e) fifthly, all deposits in amounts not exceeding five thousand dollars per respectively; (f) sixthly, all taxes due and other imports owing to the Government of Belize; (g) seventhly, the fees, debts and assessments owing to the Central Bank of Belize; (h) eighthly, credits extended to the licensee after the appointment of the liquidator; (i) ninthly, all other deposits; (j) tenthly, all other unsecured claims of (k) eleventhly, subordinated debt. (3) After payment of all other claims against the licensee, with interest at such rate as the Central Bank determines, all remaining claims against the licensee that were not filed within the time limited therefore under this Act may then be paid. (4) Where the amount available to pay the claims of any class of claimant specified in this section in respect of priorities 190 is not sufficient to provide payment in full to all claimants in that class, the amount available shall be distributed by the liquidator on a pro rata basis among the claimants in that class. (5) The assets of a licensee being compulsorily wound-up that remain after the final distribution to claimants pursuant to sub-section (3) shall be distributed by the liquidator among the shareholders of the licensee in proportion to their respective