Chapter VI: Liquidation.

Notwithstanding the provisions of article L. 326-20, the effects of a reorganisation measure defined in article L. 323-8 or of winding-up proceedings on the contracts and rights listed below are determined by the following rules: a) Employment contracts and employment relationships are governed exclusively by the law of the State applicable to that contract or relationship; b) A contract giving the right to enjoy or acquire real property is governed…

The adoption of a reorganisation measure as defined in Article L. 323-8 or the opening of winding-up proceedings in another Member State in respect of an insurance undertaking whose head office is situated in the territory of a Member State of the European Union other than France does not affect the rights in rem, within the meaning of the applicable law, of a creditor or a third party in respect…

The adoption of a reorganisation measure as defined in article L. 323-8 or the opening of winding-up proceedings in a Member State of the European Union other than France in respect of an insurance undertaking whose registered office is located within the territory of a Member State of the European Union other than France which has purchased an asset does not affect the seller’s rights based on a reservation of…

The provisions of the law of the Member State in which the reorganisation measure was taken or winding-up proceedings were opened in respect of an insurance undertaking whose registered office is situated within the territory of a Member State of the European Union other than France relating to the nullity, nullity, voidability or unenforceability of acts prejudicial to all creditors are not applicable, if the beneficiary of such an act…

The adoption of a reorganisation measure or the opening of winding-up proceedings in a Member State of the European Union other than France does not affect the right of a creditor to invoke the set-off of his claim against the claim of the insurance undertaking, where such set-off is permitted by the law applicable to the claim of the insurance undertaking. This provision shall not prevent the exercise of actions…

Subject to the provisions of Article L. 326-22, the effects of the adoption of a reorganisation measure or the opening of winding-up proceedings on the rights and obligations of participants in a regulated market are governed exclusively by the law applicable to that market. This provision shall not prevent the exercise of actions for voidness, voidability or unenforceability of acts prejudicial to all creditors provided for by the law of…

Where an insurance undertaking disposes of for valuable consideration, by a deed concluded after the adoption of a reorganisation measure or the opening of winding-up proceedings: 1° Real estate ; 2° A ship or aircraft subject to registration in a public register; 3° Financial instruments whose existence or transfer requires registration in an account; The validity of this act is governed by French law if the property is located within…

The effects of the reorganisation measure or the opening of winding-up proceedings on a lawsuit pending in France concerning an asset or a right of which the insurance undertaking has been divested are governed exclusively by the provisions of the Code of Civil Procedure.

The administrator or liquidator appointed by the competent authority of another Member State shall be entitled to exercise on the territory of the French Republic all the powers which he is entitled to exercise on the territory of that State. In exercising these powers, the administrator or liquidator shall comply with French law, in particular as regards the procedures for the realisation of assets or the information of employees. These…

In the event of the liquidation of a reinsurance undertaking referred to in 1° or 2° of III of Article L. 310-1-1, the commitments arising from contracts underwritten through a branch or under the freedom to provide services are performed in the same way as the commitments arising from the other reinsurance contracts of that undertaking.