89(1)Upon a winding-up, the liquidator may, without the consent of the policyholders, arrange for the reinsurance of contracts in some other licensed insurer, and for the purpose of securing the reinsurance, the entire assets of the insurer in the Province shall be available, except the amount required to pay the claims of the preferred creditors, the costs of liquidation, and the claims accrued under contracts, of which the insurer has received notice prior to the date of the reinsurance; all such payments are a first charge upon the assets of the insurer, and its other creditors shall be entitled to a dividend on their claims only if the assets are more than sufficient to provide for such payments and the reinsurance.