S.L. 403.15 Art. 33Adoption of reorganisation measures and winding up proceedings of a European insurance undertaking.

(1) The adoption of a reorganisation measure or commencement of winding-up proceedings of a European insurance undertaking has effect in Malta in relation to -

(a) a branch of a European insurance undertaking;

(b) any property or other assets of the European insurance undertaking;

(c) any debt or liability of such European insurance undertaking, as if it were commenced under the Companies Act.

(2) (a) Subject to sub-regulation (4), an administrator or liquidator appointed in accordance with the law of the home Member State, may exercise in Malta, in relation to a European insurance undertaking which is subject to a reorganisation measure or winding-up proceedings, any function which, pursuant to that measure or order, he is entitled to exercise within the home Member State in relation to that European insurance undertaking.

(b) Persons to assist or represent an administrator or liquidator referred to in paragraph (a), may be appointed in accordance with the law of the home Member State, in Malta, and specifically in order to help overcome any difficulties encountered by the creditors in Malta.

(3) The appointment of the administrator or liquidator of the home Member State shall be evidenced -

(a) by a certified copy of the order or decision by the foreign administrative or judicial authorities responsible for reorganisation or winding up in the home Member State by or under which the administrator or liquidator was appointed; or

(b) by any other certificate issued by the foreign administrative or judicial authorities which have jurisdiction in relation to a reorganisation measure or winding up proceedings, and accompanied by a translation in the English language of that order, decision or certificate.

(4) In exercising the functions of the kind mentioned in subregulation (2), the administrator or the liquidator -

(a) shall not take any action which would constitute an unlawful use of force in Malta;

(b) shall not rule on any legal proceedings or disputes arising from a matter falling within Parts I, II and III of these regulations;

(c) notwithstanding the way in which functions may be exercised in the home Member State, shall act in accordance with the laws or rules as to procedure which are effective in Malta.

(5) For the purposes of subregulation (4)(c) "laws or rules as to procedure" means -

(a) requirements as to consultation with or notification of employees of a European insurance undertaking;

(b) laws and procedures relevant to the realisation of assets; or

(c) where the administrator or liquidator is bringing or defending legal proceedings in the name and on behalf of a European insurance undertaking, the relevant rules of court.