(1) The liquidator of a designated credit institution has 2 objectives, as follows:
(a) Objective 1 -
(i) to facilitate the Bank in ensuring that each eligible depositor receives the prescribed amount payable under Regulation 11(1) of the Regulations of 2015 from the Fund or, where appropriate, the legacy fund, or
(ii) to facilitate the Bank in transferring that amount from the Fund or, where appropriate, the legacy fund to another designated credit institution or to a recognised credit institution approved by the Bank, to hold that amount on behalf of each such eligible depositor;
(b) Objective 2, to wind up the affairs of the designated credit institution so as to achieve the best results for that recognised credit institution’s creditors as a whole.
(2) In the event of a conflict between Objective 1 and Objective 2, Objective 1 takes precedence.
(3) The liquidator of a designated credit institution shall begin working towards both objectives immediately upon his or her appointment
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