(1) Where -
(a) a person maintaining deposits (including, if any, deposits on current accounts) with the holder or former holder of a licence which has become insolvent and is being wound up does so as trustee, and
(b) any beneficiary of the trust concerned is beneficially entitled against the trustees to any identifiable part of that amount, either absolutely or jointly with a fixed number of other beneficiaries,
then, the amount the beneficiary is so entitled to shall be treated, but only for the purpose of ascertaining an appropriate calculation -
(i) where the beneficiary is entitled absolutely, as if it were deposited in a separate account maintained by the beneficiary and legal ownership had passed to the beneficiary,
(ii) where the beneficiary is entitled jointly with a fixed number of other beneficiaries, as if it were deposited in a separate account in the nature of a joint account maintained by the beneficiaries and legal and joint ownership had passed to the beneficiari