It should be ensured that the competent authority or the resolution authority initiates or requests the initiation of a procedure under national law to wind up an institution or entity that is determined to be failing or likely to fail but not placed under resolution. Where voluntary winding up of the institution or entity upon a decision of shareholders is available under national law, such option should remain available and the relevant authority should be empowered to request the initiation of such a procedure. However, it should be ensured that, in the absence of swift action from the shareholders, the relevant national authority takes action.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
