Marketing or liquidation of the bridge institution

(1) Where the shares in the bridge institution are to be sold to one or more other legal entities, or the objects of transfer transferred to the bridge institution are to be sold to one or more other legal entities, a marketing process is carried out, to which section 126(2), first sentence, points 1, 2 and 5, applies correspondingly. A sale must withstand an arm's-length comparison, having regard to the circumstances of the individual case, and must be consistent with the rules of competition law and State aid law.
(2) Where marketing under subsection (1) cannot be achieved, or can be achieved only on disproportionate economic terms, the resolution authority may require the bridge institution to prepare a liquidation plan. The liquidation plan must show that, and how, the business continued by the bridge institution is wound up in an orderly manner, or the assets taken over are liquidated in an orderly manner. The resolution objectives pursued by the resolution order must be observed.
(3) The resolution authority may declare a liquidation plan prepared under subsection (2) binding. The resolution authority is empowered to take all measures necessary to enforce a liquidation plan made binding under the first sentence. In particular, the resolution authority is empowered to issue directions to the bridge institution.
(4) Where the managers of the bridge institution do not offer assurance of the proper implementation of the liquidation plan, the resolution authority may, under section 45c of the Banking Act, transfer the powers of the managers to a special representative suitable to ensure the proper implementation of the liquidation plan.
(5) The managers of the bridge institution are liable for intent and gross negligence. Section 31 of the Civil Code does not apply to the bridge institution.