S.L. 371.12 Art. 24Reservation of title agreement.

(1) The commencement of reorganisation measures or winding-up proceedings in relation to a Maltese credit institution purchasing an asset shall not affect the seller’s rights based on a reservation of title where at the time of the commencement of such measures or proceedings the asset is situated within the territory of another Member State or EEA State.

(2) The commencement of reorganisation or winding-up proceedings against a Maltese credit institution selling an asset, after delivery of the asset, shall not constitute grounds for rescinding or terminating the sale and shall not prevent the purchaser from acquiring title where at the time of the opening of such measure or proceedings the asset sold is situated within the territory of a Member State or EEA State in which such measures or proceedings were commenced.

(3) Subregulations (1) and (2) do not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors referred to in regulation 11(2)(l).