The aim of the preparation phase should be to find an appropriate buyer for the debtor’s business, or part thereof, and should be confidential, at least with regard to finding an appropriate buyer. The aim of the liquidation phase should be to approve and execute the sale of the debtor’s business, or part thereof, and to distribute the proceeds to the creditors, in accordance with national law. The liquidation phase should begin with a decision of a judicial body, or any other competent body, to formally open insolvency proceedings under national law, often leading to the winding up of the debtor. The debtor should not be precluded from continuing its business operations with the remaining part of its business after conclusion of the liquidation phase. The liquidation phase should 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 should be carried out by means of insolvency proceedings that are included in Annex A to that Regulation other than preventive restructuring proceedings.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
