(1) This Regulation -
(a) governs the effect of reorganisation measures and the commencement of winding-up proceedings on contracts and the rights mentioned in this Regulation, and
(b) has effect subject to Regulations 5 and 12.
(2) The effect of a reorganisation measure, or the commencement of winding-up proceedings, on an employment contract or an employment relationship, is governed solely by the law of the Member State applicable to the contract or relationship.
(3) The effect of a reorganisation measure, or the commencement of winding-up proceedings, on a contract conferring the right to make use of, or acquire, immovable property is governed solely by the law of the Member State in which the property is located. Any question as to whether the property is immovable or not is to be determined in accordance with that law.
(4) If a reorganisation measure is made, or winding-up proceedings are commenced, in respect of a institution, the effect of the measure or the proceedings on the
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