Section 33, The Payment Systems Act, 2009

(1) Notwithstanding anything to the contrary in anyenactment relating to insolvency or bankruptcy, but subject to this section, where a participant in a Central Bank system or a designated system is being wound up the following items shall be paid from the participant’s estate, in the following order:– (a) undelivered transfer instructions, other than priority transfer instructions, that were drawn on the participant and cleared through the system before the making of the winding up order; and (b) undelivered priority transfer instructions that were drawn on the participant and cleared through the system before the making of the winding up order, and shall rank in preference above any other unsecured claim against the estate. (2) No payment or transfer shall be made pursuant to subsection (1) in preference to any other claim against an estate unless a request for such payment has been made within forty five days after the making of the winding up order in regard to the participant concerned. (3) Subsection (1) shall not be construed as permitting a transfer instruction to be satisfied in preference to any other claim against an estate, where the instruction was– (a) certified by the participant concerned; or (b) in the case of a priority payment instruction, was issued by the participant concerned, with a view to giving the drawee of the instruction a preference over the participant’s other creditors. PART VII–RESOLUTION OF DISPUTES