winding-up proceedings
as defined in Directive 2009/138/EC of the European Parliament and of the Council of 25…, Article 268(1), point (d) (Definitions)
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 involve any intervention by the competent authorities, including where the collective proceedings are terminated by a composition or other analogous measure, whether or not they are founded on insolvency or are voluntary or compulsory;