S.L. 370.30 Art. 12Applicable law in thewinding-upof Malteseinvestment firm. Cap. 386.

(1) Subject to the exceptions expressly provided for in a these regulations, the decision to dissolve and wind up a Maltese investment firm 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.

(2) In relation to a Maltese investment firm, 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 investment firm after the opening of winding-up proceedings;

(b) the respective powers of the Maltese investment firm 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 investment firm is party;

(e) the effects of the winding-up proceedings brought by individual creditors, with the exception of lawsuits pending as provided for in regulation 34;

(f) the claims which are to be lodged against the Maltese investment firm 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, voidability or unenforceability of legal acts detrimental to all the creditors.