(1) In the event of:
(a) the appointment of a provisional liquidator, liquidator, receiver or administrator, or trustee in bankruptcy, over a
Bank which is a Domestic Firm; or
(b) a direction by the
DFSA to a Bank which is a Domestic Firm under Article 76 of the Regulatory Law 2004 to deal with all or substantially all its Deposits in a specified manner,
eligible depositors of the
Bank have priority over, and shall be paid in priority to, all other unsecured creditors of the Bank.
(2) In (1), an “eligible depositor” means, subject to (3), a
Person who, at the relevant time, is a creditor of a Bank referred to in (1) by virtue of being owed an amount of Money held by the Bank as a Deposit.
(3) In (2), eligible depositor excludes any creditor which is:
Market Counterparty; or
(ii) a bank.
[Added] DFSA RM144/2014 (Made 24th August 2014). [VER23/08-14]