Priority of depositors' claim ensures depositors are paid before other creditors and government revenues, subject to insolvency laws. Any amount due to depositors from a deposit taker shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the appropriate Government or the local authority, subject to exceptions provided in the securitisation and insolvency statutes that may lawfully alter priority.
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Provisions expressly mentioned in the judgment/order text.
Priority of depositors' claim ensures depositors are paid before other creditors and government revenues, subject to insolvency laws.
Any amount due to depositors from a deposit taker shall be paid in priority over all other debts and all revenues, taxes, cesses and other rates payable to the appropriate Government or the local authority, subject to exceptions provided in the securitisation and insolvency statutes that may lawfully alter priority.
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