TITLE III U.K. WINDING-UP PROCEEDINGS

A. U.K. Credit institutions having their head offices within the Community

Article 11 U.K. Consultation of competent authorities before voluntary winding up

1. The competent authorities of the home Member State shall be consulted in the most appropriate form before any voluntary winding-up decision is taken by the governing bodies of a credit institution.

2. The voluntary winding up of a credit institution shall not preclude the adoption of a reorganisation measure or the opening of winding-up proceedings.