(1)  If a developer has given a security for due completion of the scheme, an owner of a lot who has suffered a loss as a result of the developer's failure to complete the development in accordance with the terms of the scheme may apply to the Supreme Court for an order under this section.

(2)  On an application under this section, the Supreme Court may order that the whole or part of the amount of the security –

(a) be applied as directed by the Court towards completion of the scheme; or

(b) be distributed among owners of lots who have suffered loss on a basis determined by the Court.