S.L. 403.15 Art. 15Information to known creditors.

(1) Subject to sub-regulation (2), the liquidator or any other person appointed for this purpose by the relevant authorities shall without delay inform by written notice all known creditors individually, including creditors who have their habitual place of residence, domicile or head office outside of Malta, of the commencement of winding-up proceedings.

(2) The written notice referred to in sub-regulation (1) shall also include the following information:

(a) that winding-up proceedings have commenced in relation to a Maltese insurance undertaking;

(b) the date from which that decision to wind up the Maltese insurance undertaking has effect;

(c) the date, if applicable, by which a creditor must lodge his claim in writing or submit written observations concerning his claim;

(d) the matters which must be stated in a creditor’s claim;

(e) whether creditors whose claims are preferential or secured in rem, need to lodge their claims;

(f) the details of the person to whom any such claim or any observations on a claim must be submitted; and

(g) the consequence of any failure to lodge a claim or written observations by any specified time limit.

(3) In addition to the matters referred to in the subregulation (2), insurance creditors must be notified of the following matters:

(a) the effect which the decision will have, or is likely to have on the kind of contract of insurance under, or in connection with which that creditor’s insurance claim against the Maltese insurance undertaking is founded;

(b) the date from which any variations resulting from the order or decision to the risks covered by, or the sums recoverable under, that contract has effect; and

(c) the date on which the insurance contracts or operations will cease to produce effect and the rights and duties of insured persons with regard to the contract or operation.

(4) For the purposes of this regulation, a creditor is a "known" creditor if the persons mentioned in sub-regulation (2)(f) are aware of, or should reasonably be aware of -

(a) the identity of the creditor;

(b) the claim or potential claim of the creditor; and

(c) a recent address where the creditor is likely to receive a communication.