Article 1 
Regulations (EEC) No 990/93 and (EC) No 2471/94 are hereby repealed.
Article 2 
All assets and funds previously impounded or frozen pursuant to Regulations (EEC) No 990/93 and (EC) No 2471/94 may be released by Member States in accordance with the law, provided that any such assets that are subject to any claims, liens, judgments or incumbrances, or which are the assets of any person, partnership, corporation or other entity found or deemed to be insolvent under the law or the accounting principles prevailing in the relevant Member State, shall remain frozen or impounded until released in accordance with the applicable law.
Article 3 
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Communities . It shall apply with effect from 2 October 1996. This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 9 December 1996. For the Council The President B. HOWLIN This Regulation shall be binding in its entirety and directly applicable in all Member States. Done at Brussels, 9 December 1996. For the Council The President B. HOWLIN For the Council The President B. HOWLIN