Article 37 — Pre-emption rights and credit bidding

1. Without prejudice to Article 38(1), Member States shall ensure that no pre-emption rights are granted to bidders. Member States may provide that statutory pre-emption rights not affected by the insolvency of the debtor are maintained and are enforceable. 2. Member States shall ensure that, where security interests encumber the business which is the subject of the pre-pack proceedings, creditors that are the beneficiaries of those security interests may offset their claims against the purchase price only up to an amount not exceeding the market value of the business.