Section 88I: Sequence of Priority of Payment

1) After evaluating the amount received from the sale of the property of the commercial bank or financial institution remained under the process of resolution by depositor, creditor and Special Administration Team, the work of payment and allocation amount for the other people seen to be paid shall have to be done on the ground of priority as follows:

(a) Necessary expenses incurred in the process of resolution, including the expenses spent by the Bank and Special Administration Team for the sake of implementation of the provision of this Act, expenses for the remuneration and facility of the staff, fee of the professional employed for the work regarding this and other related costs,

(b) The amount up to insurance security is held as per existing law, so as not to exceed the limit of the total claimed amount of the depositor or the amount equal to the payment if that has been made for the depositor by the institution established as per law that carries out insurance security,

(c) The deposit remained after payment as per Section (b),

(d) Approved claim of the persons valid as insured creditors as per law.

2) If the amount of approved claims of any grade is insufficient to be paid off while paying as per the sequence of priority mentioned in sub-section (1), the amount shall have to be proportionately distributed to the claimants of the equal grades.

3) While paying the depositors or secured creditors for the claim, payment should be made equally without discriminating on any ground such as nationality, place of domicile or jurisdiction.

4) The approved claims of the secured creditors, who submit their claims on time, shall be paid, with priority given to the first priority, if the amount received from the sale of the property remains in the security cover. The claim that is not covered by such security shall be equal to the claim of other creditors.

5) For the purpose of bearing liability relating to economic compensation that can be incurred as per Sub-Section (4) of Section 88 L., the Special Administration Team shall have to deposit two percent amount out of the amount received from the sale of the property of such a commercial bank or financial institution, by setting up separate accounts.

6) The amount remained after allocating the amount as per sub-section (5) upon paying to the depositors and secured creditors, the tax, charge, fee to be paid and submitted as per existing law shall have to be proportionately distributed by the liquidator appointed as per sub-section (3) of Section 88 O. to the other creditor or approved claimants and shareholders or that commercial bank or financial institution, or the persons having ownership by other ways on the ground of priority prescribed as per existing law.