The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The Credit Institutions (Reorganisation and Winding Up) Directive 2001/24/EC (CIWUD) was originally created to ensure that a credit institution and its branches in other Member States are reorganised or wound up according to the principles of unity and universality, with the effect that there will be only one set of insolvency proceedings in which the credit institution is treated as one entity. The CIWUD therefore ensured that the assets of the institution, wherever they are located, will be included in a single winding-up process, eliminating the confusion and uncertainty of secondary proceedings.
The CIWUD sought to prevent the separation of assets of the credit institution so that creditors outside of the Member State that is the home Member State of the credit institution are not placed at a disadvantage to creditors in the home Member State.
The insolvency laws of the home Member State where an EU credit institution is incorporated would apply if it is subject to winding-up or reorganisation measures. The proceedings would be governed in accordance with the law of the home Member State, but the effects of such proceedings/measures on certain contracts and rights would be determined in accordance with the law which governs the contract or the law of the Member State where the assets are
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