normal insolvency proceedings
as defined in Directive 2014/59/EU of the European Parliament and of the Council of 15 May…, Article 2(1), point (47) (Definitions)
collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator or an administrator normally applicable to institutions under national law and either specific to those institutions or generally applicable to any natural or legal person;