1. The liquidation phase shall be carried out by means of insolvency proceedings other than preventive restructuring procedures.
In Member States where Regulation (EU) 2015/848 applies, the liquidation phase shall be carried out by means of insolvency proceedings as set out in Annex A to Regulation (EU) 2015/848 other than preventive restructuring proceedings.
2. This Directive is without prejudice to Directive 2001/23/EC and national rules implementing it.
For the purposes of Article 5(1) of Directive 2001/23/EC, when it takes place in proceedings which could end in the liquidation of the debtor, the liquidation phase shall be considered to be bankruptcy proceedings or any analogous insolvency proceedings instituted with a view to the liquidation of the assets of the transferor under the supervision of a competent public authority.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
