(1) If a non-bank financial institution becomes insolvent, the Bank may, notwithstanding the provisions of the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180) or any other law, appoint a liquidator to wind up the affairs of the insolvent institution or operator, and the appointment has the same effect as the appointment of a liquidator by the Court.

(2) The Minister in consultation with the Bank may by legislative instrument make Regulations or Rules prescribing the procedures necessary to give effect to this section.

(3) A person, who is not satisfied with the decision of the Bank under this section or of the liquidator may apply to the High Court for redress.