S.L. 403.15 Art. 26Detrimental acts.

(1) Where reorganisation measures and winding up proceedings have been instituted, the rules relating to detrimental transactions shall not apply where a person who has benefited from a legal act detrimental to all creditors provides proof that:

(a) the said act is subject to the law of the Member State or EEA State, other than Malta; and

(b) the law of that Member State or EEA State does not allow any means of challenging that act in the specific case.

(2) For the purposes of this regulation "the rules relating to detrimental transactions" means the rules relating to the nullity, voidability or unenforceability of legal acts detrimental to all creditors, as referred to in regulation 10(3)(m).