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Directive 98/26/EC of the European Parliament and of the CouncilShow full title
Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems
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- Revised 27/06/20190.22 MB
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- Revised 30/06/20090.06 MB
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Article 6
1.For the purpose of this Directive, the moment of opening of insolvency proceedings shall be the moment when the relevant judicial or administrative authority handed down its decision.
2.When a decision has been taken in accordance with paragraph 1, the relevant judicial or administrative authority shall immediately notify that decision to the appropriate authority chosen by its Member State.
3.The Member State referred to in paragraph 2 shall immediately notify other Member States.
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