S.L. 403.15 Art. 22Rights in rem of third parties.

(1) The adoption of reorganisation measures or commencement of winding-up proceedings of a Maltese insurance undertaking shall not affect the rights of creditors or third in rem parties in respect of tangible or intangible, movable or immovable assets including both specific assets and collections of indefinite assets as a whole which change from time to time belonging to the insurance undertaking concerned which are situated within the territory of a Member State or an EEA State, other than Malta, at the time of the commencement of such measures or proceedings.

(2) The rights in rem referred to in subregulation (1) shall include at least -

(a) the right to dispose of assets or have them disposed of and to obtain satisfaction from the proceeds of or the income from those assets, in particular by virtue of a lien, or a mortgage;

(b) the exclusive right to have a claim met, in particular a right guaranteed by a lien in respect of the claim or by assignment of the claim by way of a guarantee;

(c) the right to demand the assets from, or to require restitution by, any person having possession or use of them contrary to the wishes of the party so entitled;

(d) a right to the beneficial use of assets.

(3) A right, recorded in a public register and enforceable against third parties, under which a right within the meaning in rem of sub-regulation (1) may be obtained, shall be considered to be a right in rem.

(4) Sub-regulation (1) shall not preclude actions for nullity, voidability or unenforceability of legal acts detrimental to all the creditors as referred to in regulation 10(3)(m).