Priority creditors

(1) In insolvency proceedings over the assets of a custodian, pledgee or commission agent of the kind designated in sections 1, 17 and 18, the following have priority under paragraphs 3 and 4: 1. principals who, at the opening of the insolvency proceedings, have not yet obtained ownership or co-ownership of securities, but have fully performed their obligations towards the commission agent from the transaction relating to those securities; this applies even where, at the time of the opening of the insolvency proceedings, the commission agent has not yet acquired the securities; 2. depositors, pledgors and principals whose ownership or co-ownership of securities has been violated by an unlawful disposition of the custodian, pledgee or commission agent or its personnel, where, at the opening of the insolvency proceedings, they have fully performed their obligations towards the debtor from the transaction relating to those securities; 3. the creditors under nos. 1 and 2, where the unperformed part of their obligations named there does not, at the opening of the insolvency proceedings, exceed ten per cent of the value of their claim to delivery of securities, and where they have fully performed these obligations within one week of a demand by the insolvency administrator.
(2) The same applies in insolvency proceedings over the assets of a dealer from whom a person has bought or acquired securities, and in insolvency proceedings over the assets of a commission agent that has executed the order for the purchase or exchange of securities by way of self-entry (section 31).
(3) The claims having priority under paragraphs 1 and 2 are settled, ahead of the claims of all other insolvency creditors, out of a special estate; this is formed from the securities of the same kind present in the estate and from the claims to delivery of such securities. The priority claims are settled by delivery of the securities present, insofar as these can be distributed among all priority creditors in proportion to the amounts of their claims. Insofar as such a distribution is not possible, the full proceeds of the undistributed securities are distributed among the priority creditors in proportion to the amounts of their claims.
(4) The creditors under paragraphs 1 and 2 must state the priority claimed when lodging the claim under section 174 of the Insolvency Code. They may obtain satisfaction from the debtor's other assets only under the corresponding application of the provisions of sections 52, 190 and 192 of the Insolvency Code applicable to persons entitled to separate satisfaction. In other respects, the provisions of the Insolvency Code on insolvency creditors remain applicable to them.
(5) The insolvency court must, where necessary having regard to the circumstances of the case, appoint a guardian for the priority creditors to safeguard the rights due to them. For the guardianship, the insolvency court takes the place of the guardianship court. Section 317(2) to (5) of the Insurance Supervision Act applies mutatis mutandis.