39In such a context, as the Advocate General observed, in essence, in points 52 and 53 of his opinion, the second subparagraph of Article 5(4) of Directive 2004/25 cannot be interpreted as precluding a Member State from having recourse, in the legislation that it adopts in order to transpose that provision, to an abstract legal notion, such as, in the present case, that of ‘collusion’, as a clearly determined circumstance within the meaning of that provision.
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