1E9Ct5D

When the proper forum and governing law have been determined, the proceduralrules of the country in which the proceeding has been opened will generally apply tothe proceeding.In addition, the rulings and orders entered in the insolvencyproceeding by the EU member country’s insolvency Court will be recognized by theCourts of other EU member countries.2. Application of the EU Insolvency RegulationEU Insolvency Regulation applies only to a company that has its “centre of maininterests” (explained below) in an EU member country. This includes a companythat was not incorporated in an EU member country, but whose centre of maininterests is within a member country.The Regulation does not apply to the insolvency of a company that has itscentre of main interests outside of the European Union. The insolvency of acompany with its centre of main interests in a jurisdiction other than a membercountry of the EU will be treated in accordance with the local laws and procedures ofthe member country in which the proceeding is opened.The Regulation covers both individuals and businesses, including corporations,trading companies, special purpose vehicles and group treasury companies.However, the Regulation does not apply to banks, credit institutions, insurancecompanies, investment undertakings holding funds or securities for third parties, orcollective investment schemes.4