BOOK VI: Company difficulties.

I.-The administration of the company is carried out by its manager. II.-When the court, in application of the provisions of Article L. 621-4, appoints one or more administrators, it instructs them together or separately to supervise the debtor in its management or to assist it with all or some of the acts of management. III.-In its mission of assistance, the administrator is required to comply with the legal and contractual…

The debtor continues to exercise on his assets the acts of disposal and administration, as well as the rights and actions that are not included in the administrator’s mission. In addition, subject to the provisions of articles L. 622-7 and L. 622-13, the acts of day-to-day management performed by the debtor alone are deemed valid with respect to third parties acting in good faith.

As soon as he takes office, the administrator is obliged to request the debtor or, as the case may be, to do himself all acts necessary for the preservation of the company’s rights against its debtors and for the preservation of production capacity. The administrator is entitled to register in the name of the company all mortgages, pledges, liens or privileges that the debtor may have neglected to take or…

From the opening judgment, any third party holder is required to hand over to the administrator or, failing this, to the judicial representative, at the latter’s request, the accounting documents and books with a view to their examination.

As soon as the proceedings are opened, an inventory is drawn up of the debtor’s assets, which constitute the pledge of his professional creditors, as well as the guarantees that encumber him. This inventory, which is given to the administrator and the judicial representative, is completed by the debtor by mentioning the assets he holds that are likely to be claimed by a third party. The debtor-entrepreneur shall also list…