Judgment of the Court (Third Chamber) of 3 April 2025.#AE and Others v BA and Others.#Request for a preliminary ruling from the tribunal du travail de Liège.#Reference for a preliminary ruling – Social policy – Transfers of undertakings – Safeguarding of employees’ rights – Directive 2001/23/EC – Article 5(1) – Concept of ‘bankruptcy proceedings’ – Transfer of an undertaking occurring following a declaration of insolvency after that transfer had been prepared in the context of judicial restructuring proceedings.#Case C-431/23.