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32019L1023
Article 14

Article 14 — Valuation by the judicial or administrative authority

  1. The judicial or administrative authority shall take a decision on the valuation of the debtor's business only where a restructuring plan is challenged by a dissenting affected party on the grounds of either:
    1. an alleged failure to satisfy the best-interest-of-creditors test under point (6) of Article 2(1); or
    2. an alleged breach of the conditions for a cross-class cram-down under point (ii) of Article 11(1)(b).
  2. Member States shall ensure that, for the purpose of taking a decision on a valuation in accordance with paragraph 1, judicial or administrative authorities may appoint or hear properly qualified experts.
  3. For the purposes of paragraph 1, Member States shall ensure that a dissenting affected party may lodge a challenge with the judicial or administrative authority called upon to confirm the restructuring plan.

    Member States may provide that such a challenge can be lodged in the context of an appeal against a decision on the confirmation of a restructuring plan.