4.
Until such time as common rules for the Member States in the field of bankruptcy enter into force, the effects vis-à-vis third parties of bankruptcy or similar proceedings shall be governed by the law of the Member State in which such proceedings are first brought within the meaning of national law or of conventions applicable in this field.
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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as consolidated on 2025-12-01; changes after this date are not shown.