Article 55 Treatment of shareholders, policy holders, beneficiaries, claimants and other creditors in the case of partial transfers and application of the write-down or conversion tool

1.   Member States shall ensure that, where one or more resolution tools have been applied, except in a situation described in paragraph 2 of this Article, and where resolution authorities transfer only parts of the rights, assets and liabilities of the undertaking under resolution, the shareholders, policy holders, beneficiaries, claimants and other creditors whose claims have not been transferred receive in satisfaction of their claims at least as much as what they would have received if the undertaking under resolution had been wound up under normal insolvency proceedings at the time when the decision referred to in Article 64 was taken.

2.   Member States shall ensure that, where one or more resolution tools have been applied and where resolution authorities apply the write-down or conversion tool, the shareholders, policy holders, beneficiaries, claimants and other creditors whose claims have been written down or converted to equity do not incur greater losses than they would have incurred if the undertaking under resolution had been wound up under normal insolvency proceedings immediately at the time when the decision referred to in Article 64 was taken.