S.L. 371.12 Art. 10Adoption of winding-up proceedings in Malta. Cap. 386. Cap. 383. Cap. 386. Cap. 386. Cap. 386. Cap. 386. Cap. 386. Cap. 386. Cap. 383.

(1) The Court shall, upon receipt of an application in terms of the Companies Act or the Controlled Companies

(Procedure for Liquidation) Act and the Act, decide on opening of winding-up proceedings in respect of a Maltese credit institution, including its branches established in any Member State or EEA State.

(2) The Court’s decision concerning the dissolution and winding-up of a Maltese credit institution including its branches in any host State shall be recognised within the territory of any other Member State or EEA State without any further formalities and shall be effective there as soon as the Court’s decision is effective in Malta.

(3) (a) The Court shall, upon receipt of an application for any winding-up proceedings, inform the competent authority regarding this request in order to obtain its views on the adoption of such measures and the practical effects which they may have.

(b) Where the court makes a decision, order or appointment of any of the following kinds -

(i) a winding-up order under article 219 of the Companies Act; or

(ii) the appointment of a provisional administrator under article 228 of the Companies Act, it must immediately inform the competent authority, or cause the competent authority to be informed without delay of the decision, order or appointment which has been made.

(4) Where the competent authority is informed of a decision, order or appointment in accordance with this regulation, the competent authority shall in turn, without delay and by any means available inform the foreign authority in all Member States or EEA States that the decision, order or appointment has been made and the possible effects that of a decision, order or appointment of that kind may have.

(5) Where an arrangement has been concluded pursuant to article 291 of the Companies Act, any person appointed by the Maltese credit institution or creditors shall inform the competent authority of the arrangement which has been approved.

(6) Where a liquidator is appointed as mentioned in article 230 of the Companies Act the liquidator must inform the competent authority of his appointment.

(7) In the case of a member’s voluntary winding-up, the liquidator shall in article 272 of the Companies Act inform the competent authority if he is of the opinion that the Maltese credit institution will not be able to pay its debts within the period stated in the declaration of solvency.

(8) The duties provided for in this regulation are supplemental to and without prejudice to the duties of the Registrar of Courts in articles 224 and 264 of the Companies Act.

(9) Nothing in these regulations shall prejudice the duties and powers of the competent authority in relation to winding-up proceedings with respect to a Maltese credit institution including its branches established in host States, where provided for in the Act or in the Controlled Companies (Procedure for Liquidation)

Act.