127. Moratorium and effect of official administration on proceedings
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(1) The Central Bank may impose a moratorium suspending some or all payments by a licensed financial institution or licensed financial holding company in official administration, except payments to central clearing counterparties and to payment, settlement and clearing systems.
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(2) On and during the appointment of an official administrator, no creditor, shareholder, depositor or any other person shall have any remedy against the licensed financial institution or licensed financial holding company in respect of any claim.
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(3) Without prejudice to the generality of subsection (2), no creditor, shareholder, depositor or any other person shall —
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(a) commence or continue any action, execution or other proceedings; or
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(b) seek to enforce in any way any judgment or order obtained against the licensed financial institution or licensed financial holding company or its successor or the transferee of the whole or any part of any property, assets or undertaking of the licensed financial institution or licensed financial holding company for the recovery of any claim or in respect of any other liability,
until the termination of official administration in relation to the licensed financial institution or licensed financial holding company or without the prior leave of the court, unless the court directs otherwise.
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(4) Where official administration has not yet been terminated, the Central Bank may, where it is of the opinion that it is no longer necessary to impose a stay, publish in the Gazette and in such newspapers as it thinks appropriate in the member countries or territories where it has assumed control of the licensed financial institution or licensed financial holding company, a notification to lift the stay imposed under this section.
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(5) Where a stay has been lifted under subsection (4), no person shall take any steps to institute winding up, receivership, administration or any other related proceedings in relation to that licensed financial institution or licensed financial holding company without the prior leave of the court unless the court directs otherwise.
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(6) No creditor, shareholder, depositor or any other person shall —
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(a) commence or continue any claim, action, execution or other proceedings; or
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(b) seek to enforce in any way any judgment or order obtained against the official administrator,
in respect of any act, commission, claim, factor matter connected with or arising out of the acts or omissions of the official administrator in respect of the licensed financial institution or licensed financial holding company, until the termination of official administration in relation to the licensed financial institution or licensed financial holding company without the prior leave of the court unless the court directs otherwise.
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(7) No provision of a security agreement, lease or licence between the licensed financial institution or licensed financial holding company and a secured or other credit or that provides, in substance, that on —
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(a) the winding up of the licensed financial institution or licensed financial holding company or any related entity or any insolvency restructuring or reorganization proceedings being commenced, continued or ordered in respect of the licensed financial institution or licensed financial holding company or any related entity; or
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(b) the default by the licensed financial institution or licensed financial holding company of an obligation under the security agreement, lease or licence,
the licensed financial institution or licensed financial holding company ceases to have such rights to use or deal with assets secured or dealt with under the agreement, lease or licence as the licensed financial institution or licensed financial holding company would otherwise have, or is given lesser rights or priorities in respect of any assets or property as the licensed financial institution or licensed financial holding company would otherwise have, shall have any force or effect, until the termination of official administration in relation to the licensed financial institution or licensed financial holding company or without the prior leave of the court, unless the court directs otherwise.
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(8) No provision in any contract or agreement or any other document which gives any party a right to acquire any property or assets of the licensed financial institution or licensed financial holding company on the grounds of any change of control or on any analogous ground or on the grounds of insolvency shall have any effect, until the termination of official administration in relation to the licensed financial institution or licensed financial holding company or without the prior leave of the court unless the court direct so otherwise.
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(9) For the purposes of this section —
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(a) the rights, property and assets referred to in this provision are taken to be the rights, property and assets wherever located; and
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(b) the agreement, lease or licence referred to in this provision are taken to be an agreement, lease or licence governed by any law.
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(10) A stay under subsection (2) shall only operate as a temporary stay of a claim against the licensed financial institution or licensed financial holding company and shall not have or be taken to have the effect of extinguishing such a claim.
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(11) Where a claim is stayed pursuant to this section, for the purposes of the computation of time limits under any applicable law on limitation of actions, the period of time commencing with the date of appointment of the official administrator and ending with the date of termination of appointment of the official administrator shall be excluded.
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(12) For the purposes of this section, “claim” means any claim whatsoever, including claims which are secured or unsecured, present or future, actual, prospective or contingent, or arising out of contract, tort, bailment, restitution, breach of trust or any other cause of action and whether or not made by a creditor, shareholder, depositor or any other person.