(1) Where the supervisory authority revokes the licence, or where the licence expires, the Federal Institute may determine, in the case of legal persons and commercial partnerships, that the institution is to be wound up. Its decision has the effect of a dissolution resolution. It is to be communicated to the register court, and entered by that court in the commercial or cooperative register.
(2) The Federal Institute may issue instructions for the winding-up of an institution or of its banking business and financial services. The court must, on the Federal Institute's application, appoint liquidators where the persons otherwise called upon to wind up the banking business and financial services offer no guarantee of proper winding-up. Where the court has no jurisdiction, the Federal Institute appoints the liquidator.
(2a) The liquidator receives appropriate remuneration and reimbursement of expenses from the Federal Institute. The amounts paid are to be separately reimbursed to the Federal Institute by the legal person or commercial partnership concerned, and advanced at the Federal Institute's request. The Federal Institute may instruct the legal person or commercial partnership concerned to pay the amount determined by the Federal Institute directly to the liquidator in the name of the Federal Institute, where this gives no cause for concern that the liquidator's independence will be affected.
(3) The Federal Institute must publish the revocation or expiry of the licence in the Federal Gazette. It must inform the competent bodies of the other states of the European Economic Area in which the institution has established branches or has been active by way of the cross-border provision of services.
(4) Subsections (1) and (2) do not apply to legal persons under public law.
2.
Protection of designations