Article 24 Winding-up and insolvency

The winding-up of the ICOS ERIC shall require a decision of the General Assembly in accordance with Article 10(2)(b) and shall be notified within 10 days after its adoption to the European Commission.

Assets remaining after payment of the ICOS ERIC debts shall be apportioned among the Members in proportion to their cumulated contribution to the ICOS ERIC over the five consecutive years prior to winding-up.

Without undue delay and in any event within 10 days of the closure of the winding-up procedure, the ICOS ERIC shall notify the Commission thereof.

The ICOS ERIC shall cease to exist on the day on which the European Commission publishes the appropriate notice in the Official Journal of the European Union.

At any time, in the event that ICOS ERIC is unable to pay its debts, it shall immediately notify the Commission thereof.