BOOK VI: Company difficulties.

I. – The President of the Court, at the joint request of the parties, shall record their agreement and give it enforceability. He shall rule in the light of a certified statement from the debtor attesting that he was not in suspension of payments when the agreement was entered into, or that the agreement puts an end to such suspension. The decision recording the agreement is not subject to publication…

The social and economic committee is informed by the debtor of the content of the agreement when the debtor applies for approval.

The court rules on the homologation after having heard or duly called in chambers the debtor, the creditors party to the agreement, the person or persons designated by the social and economic committee, the conciliator and the public prosecutor. The professional association or competent authority to which, where applicable, the debtor belongs if he practises a liberal profession subject to a legislative or regulatory statute or whose title is protected,…

The homologation of the agreement puts an end to the conciliation procedure. Where the debtor is subject to statutory audit of its accounts, the approved agreement is sent to its statutory auditor. The homologation judgment is filed with the court registry, where any interested party may examine it, and is publicised. It may be appealed by the public prosecutor and, in the event of a dispute relating to the privilege…

During the period of its execution, the recorded or approved agreement suspends or prohibits all legal action and suspends or prohibits all individual proceedings against both the movable and immovable property of the debtor with the aim of obtaining payment of the claims that are the subject of the agreement; notwithstanding the provisions of Article 1343-2 of the Civil Code, interest due on such claims may not accrue. It interrupts,…

People who are co-obligated or who have granted a personal surety or who have assigned or transferred an asset as collateral may avail themselves of the measures granted to the debtor pursuant to the fifth paragraph of Article L. 611-7 or the second paragraph of Article L. 611-10-1 as well as the provisions of the recorded or homologated agreement. The approved agreement results in the automatic lifting of any ban…

At the request of one of the parties to the approved agreement, the president of the court, if he finds that the undertakings resulting from the agreement have not been performed, shall order the agreement to be rescinded. Under the same conditions, the court shall order the homologated agreement to be rescinded. The president of the court or the court that decides on the resolution of the agreement may also…

The invalidity or termination of the amicable agreement does not render ineffective the clauses whose purpose is to organise its consequences.

In the event of the opening of safeguard, receivership or compulsory liquidation proceedings, the persons who had consented, in the context of a conciliation procedure having given rise to the approved agreement referred to in II of article L. 611-8, a new cash contribution to the debtor with a view to ensuring the continuation of the business and its long-term survival, shall be paid, for the amount of this contribution,…

The opening of safeguard, receivership or compulsory liquidation proceedings automatically terminates the agreement recorded or approved pursuant to Article L. 611-8. In this case, the creditors recover all of their claims and securities, less any sums collected, without prejudice to the provisions of article L. 611-11.