49.— (1) Where a licensee keeps a client account, no person (including a person specified in subsection (2) for the purposes of this subsection) shall have or obtain any recourse or right against moneys standing to the credit of that account in respect of a claim or right against the licensee until all proper claims of the licensee’s clients against those moneys have been fully satisfied.

(2) Persons specified for the purposes of subsection (1) are—

(a) a creditor of the licensee,

(b) a liquidator, receiver, administrator, examiner or Official Assignee of the licensee, and

(c) the State.