Article 86 › 2

For the purposes of paragraph 1, Member States shall ensure that: (a) competent authorities and resolution authorities are notified without delay of any application for the opening of normal insolvency proceedings in relation to an institution or an entity referred to in point (b), (c) or (d) of Article 1(1), irrespective of whether the institution or the entity referred to in point (b), (c) or (d) of Article 1(1) is under resolution or a decision has been made public in accordance with Article 83(4) and (5); (b) the application is not determined unless the notifications referred to in point (a) have been made and either of the following occurs: (i) the resolution authority has notified the authorities responsible for normal insolvency proceedings that it does not intend to take any resolution action in relation to the institution or the entity referred to in point (b), (c) or (d) of Article 1(1); (ii) a period of seven days beginning with the date on which the notifications referred to in point (a) were made has expired.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04