As an instrument of minimum harmonisation, this Directive is without prejudice to national laws on the validity of legal acts subject to avoidance actions. It is, therefore, for Member States to decide whether the detrimental legal act is to be considered ipso jure void, or rendered ineffective or unenforceable, or whether such legal acts can be annulled only by decision of the court. Moreover, this Directive does not set out the conditions under which a debtor is to be considered unable to pay its debts as they fall due. Therefore, for the purposes of this Directive, the determination of whether a debtor is unable to pay its debts as they fall due, including of whether such a determination requires that the debtor is generally unable to pay its debts as they fall due, is to be made in accordance with national law.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
