S.L. 403.15 Art. 23Reservation of title.

(1) The adoption of reorganisation measures or commencement of winding-up proceedings in relation to a Maltese insurance undertaking purchasing an asset, shall not affect the rights of a seller 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 a Member State or EEA State, other than in Malta.

(2) The adoption of reorganisation measures or commencement of winding-up proceedings against a Maltese insurance undertaking selling an asset, after the 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 commencement of such measures or proceedings the asset sold is situated within the territory of a Member State or EEA State, other than in Malta.

(3) Sub-regulations (1) and (2) 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).