S.L. 371.12 Art. 36Adoption of reorganisation measures and winding-up proceedings of a European credit institution. Cap. 386.

(1) The commencement of a reorganisation measure or winding-up proceedings of a European credit institution has effect in Malta as if it were part of the Companies Act, when such is in relation to:

(a) a branch of a European credit institution;

(b) any property or other assets of the European credit institution; or

(c) any debt or liability of such European credit institution.

(2) Subject to subregulation (4), the administrator or liquidator or persons appointed to assist, or where appropriate, represent the administrators and liquidators may exercise in Malta, in relation to a European credit institution which is subject to a reorganisation measure or winding-up proceedings, any function which, pursuant to that measure or order, he is entitled to exercise in relation to a European credit institution.

(3) The appointment of the administrator and liquidator shall be evidenced -

(a) by a certified copy of the order or decision by a judicial or administrative authority competent in the home State for reorganisation or winding-up proceedings by or under which the administrator or liquidator was appointed; or

(b) by any other certificate issued by the judicial or administrative authority which has jurisdiction in relation to a reorganisation measure or winding-up proceedings, and, where necessary accompanied by a certified translation of that order, decision or certificate, as the case may be.

(4) In exercising the functions of the kind mentioned in subregulation (2), the administrator or the liquidator -

(a) may not take any action which would constitute an unlawful use of force in Malta;

(b) may not rule on any dispute arising from a matter falling within Parts I, II and III of these regulations; and

(c) notwithstanding the way in which functions may be exercised in the home State of the European credit institution, shall act in accordance with the laws or rules as to procedure which are effective in Malta.