S.L. 403.15 Art. 10Applicable law in the winding upof a Maltese insurance undertaking.

(1) This regulation is subject to the provisions of regulations 19 to 28.

(2) Without prejudice to the provisions of articles 28, 41 and 42

of the Act, a Maltese insurance undertaking shall dissolve and consequentially wind up, under and in accordance with these regulations and the Companies Act as made applicable by these regulations.

(3) Where a Maltese insurance undertaking is being wound up, matters set out in paragraphs (a) to (m) shall be determined in accordance with the applicable Maltese law. These matters are:

(a) the assets which form part of the estate of the Maltese insurance undertaking;

(b) the treatment of assets acquired by, or devolving to, the Maltese insurance undertaking after the making of a winding up order;

(c) the respective powers of the Maltese insurance undertaking and the liquidator;

(d) the conditions under which set-off may be invoked;

(e) the effects of the winding up proceedings on current contracts to which the Maltese insurance undertaking is a party;

(f) the effects of the winding up proceedings on proceedings brought by individual creditors, with the exception of lawsuits pending as provided for in regulation 28;

(g) the claims which are to be lodged against the estate of the Maltese insurance undertaking;

(h) the treatment of claims against the Maltese insurance undertaking arising after the commencement of the winding up proceedings;

(i) the rules governing -

(i) the lodging, verification and admission of claims,

(ii) the distribution of proceeds from the realisation of assets,

(iii) the ranking of claims,

(iv) the rights of creditors who have obtained partial satisfaction after the making of the winding up order by virtue of a right in rem or through set-off;

(j) the conditions for and the effects of completion of winding up proceedings, in particular by composition;

(k) the rights of creditors after the completion of the winding up proceedings;

(l) the person who is to bear the cost and expenses incurred in the winding up proceedings;

(m) the rules relating to the nullity, voidability or unenforceability of legal acts detrimental to all the creditors:

Provided that, in so far as the provisions of this subregulation are inconsistent with the provisions of the Act, the provisions of the Act shall prevail, and the provisions of any other law shall to the extent of the inconsistency, not apply to Maltese insurance undertakings.