29In that regard, Article 268(1)(d) of Directive 2009/138 provides that the concept of ‘winding-up proceedings’ means collective proceedings involving the realisation of the assets of an insurance undertaking and the distribution of the proceeds among the creditors, shareholders or members, as appropriate, which necessarily involves intervention by the competent authorities, namely, in accordance with Article 268(1)(a) of that directive, the administrative or judicial authorities of the Member States which are competent for the purposes of the reorganisation measures or the winding-up proceedings.
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