Subsection 2: Reorganisation and winding-up measures for credit institutions and investment firms

This sub-section applies to the reorganisation measures and winding-up proceedings of credit institutions, investment firms other than portfolio management companies and their branches established within the territory of a Member State of the European Union other than that of the registered office. States party to the Agreement on the European Economic Area are treated in the same way as Member States of the European Union. This sub-section also applies to…

I.-The reorganisation measures referred to in this sub-section are measures taken in France or in any other Member State by the administrative or judicial authorities, intended to preserve or restore the financial situation of a credit institution or investment firm and which affect the pre-existing rights of third parties. Where such measures are taken in France and affect such rights, they are : 1° The measures referred to in 3°…

Subject to the provisions of Articles L. 613-31-5 and L. 613-31-6 : 1° Reorganisation and winding-up measures decided by the competent authorities of a Member State other than France in respect of a credit institution or investment firm having its registered office in the territory of that State shall be fully effective in mainland France, the overseas departments and the Department of Mayotte and Saint-Martin without any further formality, including…

The opening of compulsory liquidation proceedings against a credit institution, investment firm or finance company entails, depending on the case, the filing of an application for withdrawal of authorisation with the European Central Bank or its removal from the list of investment firms or finance companies.

By way of derogation from the provisions of Article L. 613-31-3, the effects of a reorganisation measure or winding-up proceedings defined in Article L. 613-31-2 on the contracts, rights and authorities listed below shall be determined by the following rules: 1° Employment contracts and employment relationships shall be governed exclusively by the law of the Member State applicable to that contract or relationship; 2° Contracts granting the right to use…

I. – Notwithstanding the provisions of Article L. 613-31-3, the decision to adopt a reorganisation measure or to open winding-up proceedings shall not affect : 1° The rights in rem, within the meaning of the applicable law, of a creditor or a third party in respect of tangible or intangible assets, whether movable or immovable, belonging to the credit institution, the investment firm or a person mentioned in 3° to…

By way of derogation from the provisions of Article L. 613-31-3 and II of Article L. 613-31-6, the provisions of the law of the Member State in which the winding-up proceedings have been opened relating to the nullity, voidability or unenforceability of acts detrimental to all creditors shall not apply if the beneficiary of such an act proves that the latter is subject to the law of another Member State…

Where a credit institution, an investment firm or a person referred to in 3° to 6° of I of Article L. 613-34 disposes of for valuable consideration by means of a transaction entered into 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° Instruments or rights over such instruments…

The administrator or liquidator appointed by the competent authority of another Member State shall be entitled to exercise in mainland France, in the overseas departments and in the Department of Mayotte and Saint-Martin all the powers that 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 with regard to the terms and conditions…

The obligations to publicise abroad the measures referred to in Article L. 613-31-3, to inform creditors and to notify other interested public authorities of these measures are met pursuant to Article L. 613-59-2 when they result from the adoption of a resolution measure. A decree of the Conseil d’Etat shall determine, as necessary, the terms and conditions for the application of this sub-section and in particular those relating to the…