S.L. 371.12 Art. 31Detrimental acts.

(1) Regulation 11 shall not apply as regards the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to the creditors as a whole, where the beneficiary of these acts provides proof that:

(a) the act detrimental to the creditors as a whole is subject to the law of a Member State or EEA State other than the home State, and

(b) that law does not allow any means of challenging that act in the case in point.

(2) Where a reorganisation measure decided on by a judicial authority provides for rules relating to the voidness, voidability or unenforceability of legal acts detrimental to the creditors as a whole performed before adoption of the measure, regulation 4(2) shall not apply in the cases provided for in this regulation.