Article 68

Directive (EU) 2025/1 of the European Parliament and of the Council of 27 November 2024 establishing a framework for the recovery and resolution of insurance and reinsurance undertakings and amending Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 and Regulations (EU) No 1094/2010, (EU) No 648/2012, (EU) No 806/2014 and (EU) 2017/1129 (Text with EEA relevance) · European Union

1. Without prejudice to Article 64(2), second subparagraph, Member States shall ensure with respect to an undertaking under resolution or an entity referred to in Article 1(1), points (a) to (e), in relation to which the conditions for resolution referred to in Article 19(1) or Article 20(3) have been determined to be met, that normal insolvency proceedings shall not be commenced except at the initiative of the resolution authority and that a decision placing an entity referred to in Article 1(1), points (a) to (e), into normal insolvency proceedings shall be taken only with the consent of the resolution authority. 2. For the purposes of paragraph 1, Member States shall ensure that: supervisory authorities and resolution authorities are notified without delay of any application for the opening of normal insolvency proceedings in relation to an entity referred to in Article 1(1), points (a) to (e), irrespective of whether that undertaking or entity is under resolution or whether a decision has been made public in accordance with Article 65(3) and (4); the application for the opening of normal insolvency proceedings is not determined unless the notifications referred to in point (a) have been made and either of the following occurs: 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 entity referred to in Article 1(1), points (a) to (e); a period of seven days beginning with the date on which the notifications referred to in point (a) were made has expired. 3. Without prejudice to any restriction on the enforcement of security interests imposed pursuant to Article 50, Member States shall ensure that, if necessary for the effective application of resolution tools and the effective exercise of resolution powers, resolution authorities may request a court to apply a stay for an appropriate period in accordance with the objective pursued, on any judicial action or proceeding in which an undertaking under resolution is or becomes a party.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.