Section 74: Insufficient assets
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
74. Insufficient assets
Where the central bank finds that the assets of a financial institution whose
voluntary liquidation has been authorised shall not be sufficient for the full discharge of all of its obligations or that completion of the voluntary liquidation is
unduly delayed, it shall appoint any person as receiver, to take possession of
the financial institution and commence proceedings leading to its compulsory
liquidation in conformity with the procedures specified in Part XI.
(S. 74 came into operation on 1 June 2007.)
PART XI – COMPULSORY LIQUIDATION
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Questions this section answers
- What happens if a bank going through voluntary liquidation doesn't have enough assets to pay everyone?