S.L. 371.12 Art. 7Publication of Court decision on reorganisation measures in interests of third parties right of redress. Cap. 386. Cap. 386.

(1) Where a decision on reorganisation measures adopted by the Court is subject to a right of redress and its implementation is likely to affect the rights of third parties, upon the Court’s taking such decision, the administrator or any other person appointed by the Court in relation to such measure, shall at the earliest opportunity publish an extract from the Court’s decision in -

(a) the Malta Government Gazette;

(b) any two Maltese newspapers, provided that one extract is published in the English language and the other is published in the Maltese language;

(c) the Official Journal of the European Communities, provided that third party rights in any host State are capable of being affected by the reorganisation measures; and

(d) two national newspapers in each host State, provided that third party rights in the host State are capable of being affected by the reorganisation measures.

(2) The publication made pursuant to subregulation (1) shall at least specify -

(a) the purpose and legal basis of the Court’s decision taken;

(b) the time limits for lodging requests for redress to the Court;

(c) a clearly understandable indication of the date of expiry of the time limit for lodging requests for redress to the Court; and

(d) the details of Court and that it is competent to hear the grievances of persons stipulated under the Companies Act or any other applicable law.

(3) The information set out in subregulation (1) shall be published in English or in both English and Maltese as well as, where applicable, in an official language of the host State in which the information is published.

(4) The reorganisation measures apply regardless of the provisions concerning publication set out in subregulations (1) and

(2) and are fully effective against creditors, unless otherwise provided by law or by the administrative or judicial authorities.

(5) The obligation of publication provided for in this regulation is without prejudice to the duties of the special controller as stipulated in article 329B(7)(c) of the Companies Act.