25First of all, it should be observed that the first paragraph of Article 19 of the VAT Directive provides that the Member States may, in the event of a transfer of a totality of assets or part thereof, consider that no supply of goods has taken place and that the recipient is to be treated as the successor to the transferor. It follows that, where a Member State has exercised that option, the transfer of a totality of assets or part thereof is not regarded as a supply of goods for the purposes of the VAT Directive and, accordingly, is not subject to VAT under Article 2 of that directive (see, to that effect and by analogy, judgment of 10 November 2011, Schriever, C‑444/10, EU:C:2011:724, paragraph 20 and the case-law cited).