S.L. 371.12 Art. 11Applicable law in thewinding-upof Maltese credit institution. Cap. 386. Cap. 383.

(1) Subject to the exceptions expressly provided for in a these regulations, the decision to dissolve and wind up a Maltese credit institution as well as its method of winding-up and dissolution, shall be made in accordance with the general provisions of Part V of the Companies Act and in particular with article 29 of the Act and the provisions of the Controlled Companies (Procedures for Liquidation) Act.

(2) In relation to a Maltese credit institution, the law of Malta shall be the applicable law and shall determine in particular:

(a) the assets subject to administration and the treatment of assets acquired by the credit institution after the opening of winding-up proceedings;

(b) the respective powers of the Maltese credit institution and the liquidator;

(c) the conditions under which set-off may be invoked;

(d) the effects of the winding-up proceedings on current contracts to which the Maltese credit institution is party;

(e) the effects of the winding-up proceedings brought by individual creditors, with the exception of lawsuits pending as provided for in these regulations;

(f) the claims which are to be lodged against the Maltese credit institution and the treatment of claims arising after the opening of winding-up proceedings;

(g) the rules governing the lodging, verification and admission of claims;

(h) the rules governing the distribution of proceeds from the realisation of assets, the ranking of claims, the rights of creditors who have obtained partial satisfaction after the opening of the winding-up order by virtue of a right or through set-off; in rem

(i) the conditions for and the effects of the closure of winding-up proceedings, in particular by composition;

(j) the rights of creditors after the closure of the winding-up proceedings;

(k) who is to bear the cost and expenses incurred in the winding-up proceedings; and

(l) the rules relating to the voidness, violability or unenforceability of legal acts detrimental to all the creditors.