bank account informationmeans the information listed in Article 16(3) of Directive (EU) 2024/1640;
bank account registersmeans centralised automated mechanisms, such as central registers or central electronic data retrieval systems, put in place in accordance with Article 16(1) of Directive (EU) 2024/1640;
best-interest-of-creditors testmeans a test that is satisfied if no creditor would be worse off under a liquidation in the context of pre-pack proceedings than such a creditor would be if the normal ranking of liquidation priorities were applied in the event of a piecemeal liquidation or, where Member States so provide, in the event of the next-best-alternative scenario;
central beneficial ownership registersmeans national central registers holding beneficial ownership information and the systems of interconnection of those registers referred to in Article 10 of Directive (EU) 2024/1640;
courtmeans a judicial body of a Member State;
executory contractmeans a contract between a debtor and one or more counterparties, under which the parties still have obligations to perform at the time of the opening of insolvency proceedings in the liquidation phase under Title IV, with the exception of netting arrangements, including close-out netting arrangements, on financial markets, energy markets and commodity markets, where such arrangements are enforceable under national insolvency law, and of financial contracts;
insolvency practitionermeans a person or body that has one or more of the functions listed in Article 2, point (5), of Regulation (EU) 2015/848 and in Article 2(1), point (12), of Directive (EU) 2019/1023;
interim financingmeans any new financial assistance, provided by an existing or a new creditor, that includes, as a minimum, financial assistance during pre-pack proceedings, and that is reasonable and immediately necessary for the debtor’s business, or a part thereof, to continue operating, or to preserve or enhance the value of that business;
legal actmeans, for the purposes of Title II, any deliberate human behaviour producing legal effects;
liquidation phasemeans the phase of the pre-pack proceedings the aims of which is to approve and execute the sale of the debtor’s business, or part thereof, and to distribute the proceeds to the creditors.
pre-pack proceedingsmeans proceedings, comprising a preparation phase and a liquidation phase, that enable the sale of the business of the debtor, in whole or in part, as a going-concern to the best bidder in the course of insolvency proceedings;
preparation phasemeans the phase of the pre-pack proceedings the aim of which is to find an appropriate buyer for the debtor’s business or part thereof;