264The private creditor test does not therefore require an application to be made for the immediate winding-up of the undertaking in difficulty, since it could be quite conceivable that a private creditor, with significant resources at its disposal, might have had an interest in maintaining the activity of a debtor undertaking for a certain period, if the cost of immediate liquidation proved to be higher than the cost of granting aid (Opinion of Advocate General Poiares Maduro in Spain v Commission, C‑276/02, EU:C:2004:211, point 39).