53.— (1) Where—

(a) either—

(i) a licensee who is an individual is adjudicated bankrupt, files a petition for arrangement, executes a deed of arrangement (within the meaning of section 4 of the Deeds of Arrangement Act 1887) or dies insolvent, or

(ii) a licensee which is a company is insolvent and being wound up,

and

(b) the sum to the credit of the client account kept by the licensee at a bank in accordance with regulations made under section 46 or, where 2 or more such accounts are kept by the licensee, the total of the sums to the credit of the accounts, is less than the total of the sums received by the licensee in the course of the licensee’s business on behalf of the licensee’s clients and remaining due by the licensee to the clients,

then, notwithstanding any statutory provision or rule of law to the contrary, the sum to the credit of the client account or, where the licensee has kept 2 or more client accounts, the total of the sums to the credit of those accounts, shall be divisible proportionately amongst the clients of the licensee according to the respective sums received by the licensee in the course of the licensee’s business on behalf of the licensee’s clients and remaining due by the licensee to the clients.

(2) Subject to subsection (3), for the purposes of this section, where a refund of a deposit is due from a licensee, the amount due shall be deemed to have been received by the licensee in the course of the licensee’s business on behalf of the person who made the deposit.

(3) Subsection (2) shall not operate to deprive a person referred to in that subsection of any right to require a contract of sale or letting to be duly completed.