TITLE III

WINDING-UP PROCEEDINGS
A.

Credit institutions having their head offices within the Community

Law applicable
Article 10
1
A credit institution shall be wound up in accordance with the laws, regulations and procedures applicable in its home Member State insofar as this Directive does not provide otherwise.
2
The law of the home Member State shall determine in particular:
a
the goods subject to administration and the treatment of goods acquired by the credit institution after the opening of winding-up proceedings;
b
the respective powers of the credit institution and the liquidator;
c
the conditions under which set-offs may be invoked;
d
the effects of winding-up proceedings on current contracts to which the credit institution is party;
e
the effects of winding-up proceedings on proceedings brought by individual creditors, with the exception of lawsuits pending, as provided for in Article 32;
f
the claims which are to be lodged against the credit institution and the treatment of claims arising after the opening of winding-up proceedings;
g
the rules governing the lodging, verification and admission of claims;
h
the rules governing the distribution of the proceeds of the realisation of assets, the ranking of claims and the rights of creditors who have obtained partial satisfaction after the opening of insolvency proceedings by virtue of a right in re or through a set-off;
i
the conditions for, and the effects of, the closure of insolvency proceedings, in particular by composition;
j
creditors' rights after the closure of winding-up proceedings;
k
who is to bear the costs and expenses incurred in the winding-up proceedings;
l
the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.