The provisions of this Directive regarding pre-pack proceedings do not replace national substantive rules, in particular those on the ranking of creditors’ claims, the distribution of proceeds, the nature, scope and form of creditors’ participation, or the remuneration of the insolvency practitioner. In the event that a court or competent authority does not authorise the sale of a business, or part thereof, as proposed by the monitor, insolvency proceedings should proceed in accordance with the applicable national insolvency law. The start of the liquidation phase is subject to requirements under national law for the opening of insolvency proceedings, such as the existence of a ground for opening such proceedings.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
