For those interested, they indeed remove instantly any stacked bleeds and clear any new ones for about 2-3 seconds (even the basic healing wraps).
The cripple lasts about 3 seconds and it is 90% reduction of the movement speed. It can be cleared with Elixir of Freedom as usual.
When cripple wears off, it no longer interrupts the regenerating effect. Thank you, Funcom for fixing that.