BOOK VI: Company difficulties.

The plan may provide for a choice for creditors involving payment within shorter uniform periods but accompanied by a proportional reduction in the amount of the claim. The reduction of the claim is definitively acquired only after payment, at the fixed term, of the last instalment provided for by the plan for its payment.

I.-Notwithstanding the provisions of Articles L. 626-18 and L. 626-19, no postponements or deadlines may be granted that have not been accepted by the creditors: 1° Claims guaranteed by the lien established in Articles L. 3253-2, L. 3253-4 and L. 7313-8 of the Labour Code; 2° Claims arising from an employment contract guaranteed by the liens provided for in 4° of Article 2101 and 2° of Article 2104 of the…

The registration of a claim in the plan and the creditor’s acceptance of deadlines, remissions or conversions into securities giving or capable of giving access to capital do not prejudge the final admission of the claim to liabilities. Where the mandataire judiciaire has proposed the admission of a claim and the juge-commissaire has not been seised of any challenge to all or part of that claim, the payments relating thereto…

In the event of the sale of a property subject to a special security interest or a legal mortgage, the proportion of the price corresponding to the claims secured by these security interests shall be paid into a deposit account at the Caisse des dépôts et consignations and the creditors benefiting from these security interests or holding a general lien shall be paid out of the price after payment of…

In the event of a partial transfer of assets, the price is paid to the debtor subject to the application of Article L. 626-22.

The court may instruct the administrator to carry out the acts, necessary for the implementation of the plan, that it determines. The judicial representative remains in office for the time necessary for the verification and final establishment of the statement of claims. When the mission of the administrator and the judicial representative is completed, the proceedings are terminated under conditions set by decree in the Conseil d’Etat.

The court shall appoint, for the term set out in Article L. 626-12, the administrator or the judicial representative as commissioner responsible for overseeing the implementation of the plan. The court may, if necessary, appoint several commissioners. At the request of the debtor, the court may entrust the administrator or the mandataire judiciaire who have not been appointed as commissioner for the implementation of the plan with a subsequent remunerated…

A substantial modification in the objectives or means of the plan may only be decided by the court, at the request of the debtor and on the report of the commissaire à l’exécution du plan. Where the debtor’s situation allows the plan to be substantially modified to the benefit of the creditors, the application to the court may be made by the commissaire à l’exécution du plan. Where the application…

When it is established that the undertakings set out in the plan or decided by the court have been fulfilled, the court, at the request of the commissioner for the implementation of the plan, the debtor or any interested party, shall establish that the implementation of the plan has been completed.