Without prejudice to the powers and procedures exercised by the Authority pursuant to Articles (54) and (55) of this Decree by Law, any amounts payable to any Licensed Person designated as systemically important in accordance with Article (52) of this Decree by Law, subject to Settlement and Resolution proceedings by the Authority, shall be settled following the completion of Central Clearing operations, in the following order of priority: 1. Secured creditors with collateral over movable or immovable property, to the extent of the value of their pledged assets. 2. Wages, salaries, and other employment-related remuneration due but unpaid during the (6) six months immediately preceding the commencement of Settlement and Resolution. 3. Reasonably incurred expenses by the Authority or any appointed trustee in managing the Settlement and Resolution, including fees and costs associated with the administration thereof. 4. Rights of clients and beneficiaries of the Licensed Person, with the Authority entitled to allocate specific assets or proceeds thereof transferred from the Licensed Person to satisfy such rights. 5. Rights of other creditors, in accordance with the order of priority provided under the Relevant Legislation. 6. Rights of partners or shareholders of the Licensed Person.
Interpretation and application must be checked against the official text and current version.