Article 50 — Winding up and insolvency

1. The statutes of a SEAP shall determine the procedure to be applied in the event of winding-up of the SEAP following a decision of the assembly of its members or, in the event that the Commission repeals the implementing act establishing the SEAP, as referred to in Article 51(7). Winding-up may include the transfer of activities and of the ownership of defence products to another legal entity. 2. Without undue delay after the adoption of a decision by the assembly of its members to wind up the SEAP, and in any event within 10 days of such adoption, the SEAP shall notify the Commission thereof and designate a representative for the winding-up. The Commission shall publish an appropriate notice of the decision to wind up in the Official Journal of the European Union. 3. The winding-up procedure shall not be closed before the completion of the transfer of ownership of defence products owned by the SEAP. 4. Without undue delay after the closure of the winding-up procedure, and in any event within 10 days of such closure, the SEAP representative shall notify the Commission thereof. The Commission shall publish an appropriate notice of the closure in the Official Journal of the European Union. The SEAP shall cease to exist on the date of publication of that notice. 5. In the event that the SEAP is unable to pay its debts, it shall immediately notify the Commission thereof. The Commission shall publish an appropriate notice in the Official Journal of the European Union.