direct ec european parliament council april reorganis wind credit institut european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion econom social committe regard opinion european monetari institut act accord procedur laid articl treati accord object treati harmoni balanc develop econom activ commun promot elimin obstacl freedom establish freedom provid servic commun time obstacl elimin consider situat aris credit institut run difficulti institut branch member state direct form part commun legisl framework set direct ec european parliament council march relat take pursuit busi credit institut therefrom oper credit institut branch form singl entiti subject supervis compet author state authoris valid commun grant undesir relinquish uniti institut branch adopt reorganis measur open wind proceed adopt direct ec european parliament council deposit guarante scheme introduc principl compulsori membership credit institut guarante scheme home member state bring mutual recognit reorganis measur wind proceed administr judici author home member state sole power decid implement reorganis measur provid law practic forc member state ow difficulti harmonis member state law practic establish mutual recognit member state measur restor viabil credit institut authoris essenti guarante reorganis measur adopt administr judici author home member state measur adopt person bodi appoint author administ reorganis measur includ measur involv possibl suspens payment suspens enforc measur reduct claim measur affect parti exist right effect member state measur affect function intern structur credit institut manag sharehold right cover direct effect member state pursuant rule privat intern law applic law home state measur connect continu fulfil condit authoris subject mutual recognit pursuant direct ec affect right parti exist adopt person particip oper intern structur credit institut manag sharehold institut consid capac regard parti purpos direct notifi parti implement reorganis measur member state branch situat measur hinder exercis right principl equal treatment creditor opportun open action requir administr judici author home member state adopt measur creditor host member state exercis right action time limit laid coordin role administr judici author reorganis measur wind proceed branch credit institut head offic commun situat member state absenc reorganis measur event measur fail credit institut difficulti wound provis made case mutual recognit wind proceed effect commun import role plai compet author home member state wind proceed open continu process wind proceed properli carri equal treatment creditor requir credit institut wound principl uniti univers requir administr judici author home member state sole jurisdict decis recognis capabl produc member state formal effect ascrib law home member state direct exempt effect reorganis measur wind proceed contract right limit effect cover question reorganis measur wind proceed lodg verif admiss rank claim contract right rule govern distribut proce realis asset govern law home member state voluntari wind credit institut solvent administr judici author home member state decid reorganis measur wind proceed voluntari wind commenc withdraw authoris pursu busi bank consequ wind credit institut necessarili entail withdraw prevent activ institut continu purpos wind continu activ nonetheless made subject home member state consent supervis compet author provis inform creditor individu basi essenti public enabl lodg claim submit observ relat claim prescrib time limit place discrimin creditor domicil member state home member state base place resid natur claim creditor regularli inform manner wind proceed sole purpos appli provis direct reorganis measur wind proceed involv branch locat commun credit institut head offic situat countri definit quot home member state quot quot compet author quot quot administr judici author quot member state branch locat credit institut head offic commun possess branch member state branch receiv individu treatment regard applic direct case administr judici author compet author administr liquid endeavour coordin activ import follow principl law home member state determin effect reorganis measur wind proceed procedur substant bear mind effect conflict rule applic context econom financi activ credit institut question branch member state case refer law member state repres unavoid qualif principl law home member state appli qualif protect employe contract employ credit institut ensur secur transact respect type properti protect integr regul market function accord law member state financi instrument trade transact carri framework payment settlement system cover direct ec european parliament council settlement final payment secur settlement system adopt direct call question provis direct ec insolv proceed effect enforc order validli enter system collater provid system reorganis measur wind proceed involv appoint person administ recognit appoint power member state essenti factor implement decis home member state limit exercis power act home member state creditor enter contract credit institut reorganis measur adopt wind proceed open protect provis relat void voidabl unenforc laid law home member state beneficiari transact produc evid law applic transact mean contest act concern case point confid parti purchas content regist account asset enter regist account extens purchas immov properti safeguard wind proceed open reorganis measur adopt mean safeguard confid make valid purchas subject law place immov asset situat state author regist account effect reorganis measur wind proceed lawsuit pend govern law member state lawsuit pend except applic lex concursu effect measur procedur individu enforc action aris lawsuit govern legisl home member state accord gener rule establish direct provis made administr judici author home member state notifi immedi compet author host member state adopt reorganis measur open wind proceed adopt measur open proceed immedi profession secreci defin articl direct ec essenti factor inform consult procedur reason respect administr author take part procedur judici author remain respect subject nation provis relat adopt direct titl scope definit articl scope direct appli credit institut branch set member state head offic defin point articl direct ec subject condit exempt laid articl direct provis direct branch credit institut head offic commun appli institut branch member state commun articl definit purpos direct quot home member state quot member state origin mean articl point direct ec quot host member state quot host member state mean articl point direct ec quot branch quot branch mean articl point direct ec quot compet author quot compet author mean articl point direct ec quot administr quot person bodi appoint administr judici author task administ reorganis measur quot administr judici author quot administr judici author member state compet purpos reorganis measur wind proceed quot reorganis measur quot measur intend preserv restor financi situat credit institut affect parti pre exist right includ measur involv possibl suspens payment suspens enforc measur reduct claim quot liquid quot person bodi appoint administr judici author task administ wind proceed quot wind proceed quot collect proceed open monitor administr judici author member state aim realis asset supervis author includ proceed termin composit similar measur quot regul market quot regul market mean articl point direct eec quot instrument quot instrument refer section annex direct eec titl ii reorganis measur credit institut head offic commun articl adopt reorganis measur applic law administr judici author home member state empow decid implement reorganis measur credit institut includ branch establish member state reorganis measur appli accord law regul procedur applic home member state provid direct fulli effect accord legisl member state commun formal includ parti member state rule host member state applic provid measur make implement subject condit fulfil reorganis measur effect commun effect member state articl inform compet author host member state administr judici author home member state delai inform mean compet author host member state decis adopt reorganis measur includ practic effect measur adopt immedi inform commun compet author home member state articl inform supervisori author home member state administr judici author host member state deem implement territori reorganis measur inform compet author home member state inform commun host member state compet author articl public implement reorganis measur decid pursuant articl affect right parti host member state appeal brought home member state decis order measur administr judici author home member state administr person empow home member state publish extract decis offici journal european commun nation newspap host member state order facilit exercis appeal good time extract decis provid paragraph forward earliest opportun rout offic offici public european commun nation newspap host member state offic offici public european commun publish extract latest twelv dai dispatch extract decis publish offici languag languag member state concern purpos legal basi decis time limit lodg appeal specif understand indic date expiri time limit full address author court compet hear appeal reorganis measur appli irrespect measur prescrib paragraph fulli effect creditor administr judici author home member state law state govern measur provid articl duti inform creditor lodg claim legisl home member state requir lodgement claim view recognit compulsori notif measur creditor domicil normal place resid head offic state administr judici author home member state administr inform creditor domicil normal place resid head offic member state accord procedur laid articl legisl home member state creditor domicil normal place resid head offic state lodg claim submit observ claim creditor domicil normal place resid head offic member state accord procedur laid articl articl credit institut head offic commun articl branch countri credit institut administr judici author host member state branch credit institut head offic commun delai inform mean compet author host member state institut set branch includ list refer articl direct ec publish year offici journal european commun decis adopt reorganis measur includ practic effect measur adopt immedi inform commun compet author host member state administr judici author decid appli measur administr judici author refer paragraph endeavour coordin action titl iii wind proceed credit institut head offic commun articl open wind proceed inform commun compet author administr judici author home member state respons wind empow decid open wind proceed credit institut includ branch establish member state decis open wind proceed administr judici author home member state recognis formal territori member state effect decis effect member state proceed open administr judici author home member state delai inform mean compet author host member state decis open wind proceed includ practic effect proceed open immedi inform commun compet author home member state articl law applic credit institut wound accord law regul procedur applic home member state direct provid law home member state determin good subject administr treatment good acquir credit institut open wind proceed respect power credit institut liquid condit set off invok effect wind proceed current contract credit institut parti effect wind proceed proceed brought individu creditor except lawsuit pend provid articl claim lodg credit institut treatment claim aris open wind proceed rule govern lodg verif admiss claim rule govern distribut proce realis asset rank claim right creditor obtain partial satisfact open insolv proceed virtu set condit effect closur insolv proceed composit creditor right closur wind proceed bear cost expens incur wind proceed rule relat void voidabl unenforc legal act detriment creditor articl consult compet author voluntari wind compet author home member state consult form voluntari wind decis govern bodi credit institut voluntari wind credit institut preclud adopt reorganis measur open wind proceed articl withdraw credit institut authoris open wind proceed decid respect credit institut absenc failur reorganis measur authoris institut withdrawn accord procedur laid articl direct ec withdraw authoris provid paragraph prevent person person entrust wind carri credit institut activ purpos wind home member state provid activ carri consent supervis compet author member state articl public liquid administr judici author announc decis open wind proceed public extract wind decis offici journal european commun nation newspap host member state articl provis inform creditor wind proceed open administr judici author home member state liquid delai individu inform creditor domicil normal place resid head offic member state case legisl home state requir lodgement claim view recognit inform provid dispatch notic deal time limit penalti laid regard time limit bodi author empow accept lodgement claim observ relat claim measur laid notic creditor claim preferenti secur lodg claim articl honour oblig oblig honour benefit credit institut legal person subject wind proceed open member state honour benefit liquid proceed person honour oblig deem discharg unawar open proceed oblig honour public provid articl effect person honour oblig presum absenc proof contrari unawar open wind proceed oblig honour public provid articl effect person honour oblig presum absenc proof contrari awar open proceed articl lodg claim creditor domicil normal place resid head offic member state home member state includ member state public author lodg claim submit written observ relat claim claim creditor domicil normal place resid head offic member state home member state treat accord rank claim equival natur lodg creditor domicil normal place resid head offic home member state case law home member state submiss observ relat claim creditor send copi support document natur claim date aros amount alleg prefer secur reserv titl respect claim asset cover secur articl languag inform provid articl provid offici languag offici languag home member state purpos form bear offici languag european union head quot invit lodg claim time limit observ quot law home member state submiss observ relat claim head quot invit submit observ relat claim time limit observ quot creditor domicil normal place resid head offic member state home member state lodg claim submit observ relat claim offici languag offici languag member state event lodgement claim submiss observ claim bear head quot lodgement claim quot quot submiss observ relat claim quot offici languag offici languag home member state addit requir provid translat languag lodgement claim submiss observ relat claim articl regular provis inform creditor liquid creditor regularli inform manner regard progress wind credit institut head offic commun articl branch countri credit institut administr judici author host member state branch credit institut head offic commun delai inform mean compet author host member state credit institut set branch list refer articl direct ec publish year offici journal european commun decis open wind proceed includ practic effect proceed open immedi inform commun compet author abovement host member state administr judici author decid open proceed wind branch credit institut head offic commun inform compet author host member state wind proceed open authoris withdrawn inform commun compet author host member state decid open proceed administr judici author refer paragraph endeavour coordin action liquid likewis endeavour coordin action titl iv provis common reorganis measur wind proceed articl effect contract right effect reorganis measur open wind proceed employ contract relationship govern sole law member state applic employ contract contract confer make acquir immov properti govern sole law member state territori immov properti situat law determin properti movabl immov right respect immov properti ship aircraft subject registr public regist govern sole law member state author regist articl parti right adopt reorganis measur open wind proceed affect right creditor parti respect tangibl intang movabl immov asset specif asset collect indefinit asset chang time time belong credit institut situat territori member state time adopt measur open proceed right refer paragraph dispos asset dispos obtain satisfact proce incom asset virtu lien mortgag exclus claim met guarante lien respect claim assign claim guarante demand asset requir restitut possess contrari wish parti entitl benefici asset record public regist enforc parti mean paragraph obtain consid paragraph preclud action void voidabl unenforc laid articl articl reserv titl adopt reorganis measur open wind proceed credit institut purchas asset affect seller right base reserv titl time adopt measur open proceed asset situat territori member state state measur adopt proceed open adopt reorganis measur open wind proceed credit institut sell asset deliveri asset constitut ground rescind termin sale prevent purchas acquir titl time adopt measur open proceed asset sold situat territori member state state measur adopt proceed open paragraph preclud action void voidabl unenforc laid articl articl set adopt reorganis measur open wind proceed affect creditor demand set claim claim credit institut set permit law applic credit institut claim paragraph preclud action void voidabl unenforc laid articl articl lex rei sita enforc proprietari right instrument right instrument exist transfer presuppos record regist account centralis deposit system held locat member state govern law member state regist account centralis deposit system right record held locat articl net agreement net agreement govern sole law contract govern agreement articl repurchas agreement prejudic articl repurchas agreement govern sole law contract govern agreement articl regul market prejudic articl transact carri context regul market govern sole law contract govern transact articl proof liquid appoint administr liquid appoint evidenc certifi copi origin decis appoint certif issu administr judici author home member state translat offici languag offici languag member state territori administr liquid wish act requir legalis similar formal requir administr liquid entitl exercis territori member state power entitl exercis territori home member state appoint person assist repres reorganis measur wind proceed host member state specif order overcom difficulti encount creditor host member state exercis power administr liquid compli law member state territori wish action regard procedur realis asset provis inform employe power includ forc rule legal proceed disput articl registr public regist administr liquid administr judici author home member state request reorganis measur decis open wind proceed regist land regist trade regist public regist member state member state prescrib mandatori registr event person author refer preced subparagraph measur ensur registr cost registr regard cost expens incur proceed articl detriment act articl appli rule relat void voidabl unenforc legal act detriment creditor beneficiari act proof act detriment creditor subject law member state home member state law mean challeng act case point reorganis measur decid judici author rule relat void voidabl unenforc legal act detriment creditor perform adopt measur articl appli case provid paragraph articl articl protect parti act conclud adopt reorganis measur open wind proceed credit institut dispos consider immov asset ship aircraft subject registr public regist instrument right instrument exist transfer presuppos record regist account centralis deposit system held locat member state valid act govern law member state territori immov asset situat author regist account deposit system articl lawsuit pend effect reorganis measur wind proceed pend lawsuit asset credit institut divest govern sole law member state lawsuit pend articl profession secreci person requir receiv divulg inform connect inform consult procedur laid articl bound profession secreci accord rule condit laid articl direct ec except judici author exist nation provis appli titl final provis articl implement member state bring forc law regul administr provis compli direct forthwith inform commiss thereof nation provis adopt applic direct appli reorganis measur wind proceed adopt open date refer subparagraph measur adopt proceed open date continu govern law applic time adopt open member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text main provis nation law adopt field govern direct articl entri forc direct enter forc date public articl addresse direct address member state luxembourg april european parliament presid fontain council presid rosengren oj oj oj oj opinion european parliament march oj confirm decemb oj council common posit juli oj decis european parliament januari publish offici journal council decis march oj direct amend direct ec oj oj oj