In the event of the opening or pronouncement of compulsory liquidation proceedings in respect of a credit institution, finance company, electronic money institution, payment institution or investment firm, the Autorité de contrôle prudentiel et de résolution shall appoint a liquidator who shall make an inventory of the assets, carry out liquidation operations and make redundancies, in accordance with the terms and conditions set out in Title IV of Book VI of the Commercial Code.
Pursuant to articles L. 641-1 or L. 622-5 of the French Commercial Code, the court-appointed liquidator carries out the operations provided for in the first three paragraphs of article L. 641-4 or article L. 622-5 of the same code respectively, with the exception of the inventory of the company’s assets and the liquidation operations.
Where the compulsory liquidation proceedings concern a group consisting of a central body referred to in Article L. 511-30 and its affiliates, a single liquidator is appointed for the group consisting of this body and its affiliates by the Autorité de contrôle prudentiel et de résolution under the first paragraph and by the court under the second paragraph.
These liquidators shall implement the winding-up procedure in a coordinated manner in respect of a central body referred to in Article L. 511-30 and all the members. The provisions of Book VI of the Commercial Code do not prevent these liquidators from exercising, at any stage of the procedure, the powers of the central body provided for in Article L. 511-31. They shall ensure that holders of equity securities and creditors ranking pari passu or enjoying identical rights in liquidation are treated equally, in proportion to their admitted claims, regardless of the entity in question, members and central body combined.
Notwithstanding articles L. 662-8 and L. 721-8 of the French Commercial Code, the specialised commercial court competent to hear liquidation proceedings against members is the court in whose jurisdiction the central body is located.