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Article L643-3 of the French Commercial code

The juge-commissaire may, ex officio or at the request of the liquidator or a creditor, order provisional payment of a share of a claim that has been definitively admitted. This provisional payment may be subject to the presentation by its beneficiary of a guarantee from a credit institution or finance company. In the event that the request for a provisional payment relates to a preferential claim of the financial authorities,…

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Article L643-4 of the French Commercial code

If one or more distributions of sums precede the distribution of the price of the immovables, the preferential and mortgage creditors admitted shall contribute to the distributions in proportion to their total claims. After the sale of the immovables and the final settlement of the order between the mortgage creditors and preferential creditors, those of them who rank in good standing on the price of the immovables for the totality…

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Article L643-5 of the French Commercial code

The rights of mortgage creditors who are partially collocated on the distribution of the price of the properties are settled on the basis of the amount remaining due to them after the property collocation. The excess of dividends they have received in previous distributions over the dividend calculated after collocation is withheld from the amount of their mortgage collocation and is included in the sums to be distributed to unsecured…

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Article L643-8 of the French Commercial code

I.-Without prejudice to the right of ownership or retention enforceable against the collective proceedings and the provisions of articles L. 622-17 and L. 641-13, the amount of distributable assets is allocated in the following order: 1° Subsidies provided for in Article L. 631-11 that have not yet been paid; 2° Claims guaranteed by the lien provided for in articles L. 3253-2, L. 3253-4 and L. 7313-8 of the French Labour…

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Article L643-9 of the French Commercial code

In the judgment opening or pronouncing the judicial liquidation, the court shall set a time limit at the end of which the closure of the proceedings must be examined. If closure cannot be pronounced at the end of this period, the court may extend the term by a reasoned decision. When there are no longer any liabilities due or when the liquidator has sufficient sums to pay off the creditors,…

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Article L643-11 of the French Commercial code

I.-The judgment closing a judicial liquidation on the grounds of insufficient assets does not give creditors the right to exercise their individual actions against the debtor. There are exceptions to this rule: 1° For actions relating to assets acquired under an estate opened during the judicial liquidation proceedings; 2° Where the claim originates from an offence for which the debtor’s guilt has been established or where it relates to rights…

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