Section 102, The Banking Act, 2019

(1) In any liquidation of a bank in receivership, the assetsof the bank shall be available to meet its liabilities according to the hierarchy of creditors' claims that are available to satisfy unsecured claims. (2) Claims allowed to be paid under subsection (1) shall be as follows- (a) necessary and reasonable expenses incurred by the receiver and the Central Bank, including professional fees under Part XII; (b) insured deposits to the extent of any amount guaranteed to be repaid under the deposit; (c) uncollateralised credit to a bank by the Central Bank and guarantees by the Government and advances guaranteed by the Government (d) uninsured deposits; (e) wages or salaries earned by an employee not later than 180 days before the appointment of the receiver, as may be specified by the Central Bank except for wages and salary earned by a director or key management personnel and any variable compensation component; (f) compensation of employees not covered under item (h); Determination of claims. Claims relating to eligible contracts. Priorities in payment of claims. 110 111 (g) credits extended to the bank by the Central Bank until the appointment of the receiver; (h) credits extended to the bank after the appointment of the receiver; (i) statutory amounts owed to the Government or to a municipality, unless the Government or municipality consents otherwise; (j) unsecured credits extended to the bank prior to the appointment of the receiver; (k) subordinated debt. (3) Treatment of deficiency claims or under collateralized claims, secured by collateral or for which collateral has been pledged shall be as outlined in the prudential guidelines. (4) Where the amount available for payment for any class of claims is insufficient to provide payment in full, such claims of that class shall be reduced in equal proportions. (5) After payment of all claims filed, the remaining allowable claims that were not filed within the time specified by receiver for filing, shall be paid. (6) Any proceeds remaining after all claims of depositors and other creditors have been paid shall be distributed among the shareholders of the bank in accordance with their rights.