TITLE II: Safeguards.

After hearing or duly summoning the debtor, the administrator, the judicial representative, the auditors and the representatives of the works council or, failing that, the employee delegates, the court shall rule on the basis of the documents provided for in article L. 626-8, after obtaining the opinion of the public prosecutor. When the proceedings are opened in favour of a debtor who employs a number of employees or who has…

The plan designates the persons required to implement it and mentions all the commitments made by them that are necessary to safeguard the business. It mentions separately the cash contributions of the persons who have undertaken to make them in order to implement the safeguard plan approved by the court. These commitments relate to the future of the business, the arrangements for maintaining and financing the business, the settlement of…

The judgment adopting the plan makes its provisions enforceable against all. With the exception of legal persons, co-obligors and persons who have granted a personal surety or who have assigned or assigned an asset as security may avail themselves of it.

Without prejudice to the application of the provisions of Article L. 626-18, the duration of the plan is set by the court. It may not exceed ten years. Where the debtor is a person engaged in an agricultural activity as defined in article L. 311-1 of the Code rural et de la pêche maritime, it may not exceed fifteen years. .

The court’s approval of the plan shall result in the automatic lifting of any ban on issuing cheques in accordance with Article L. 131-73 of the Monetary and Financial Code, implemented on the occasion of the rejection of a cheque issued prior to the judgment opening the proceedings. The ban is lifted only on accounts relating to the assets covered by the plan.

In the judgment adopting the plan or amending it, the court may decide that assets that it considers essential to the continuation of the business may not be disposed of, for a period that it fixes, without its authorisation. The duration of the inalienability may not exceed that of the plan. When the court is seised of an application for authorisation to dispose of an asset rendered inalienable pursuant to…

The court shall give notice of the deadlines and remissions accepted by the creditors under the conditions provided for in the second paragraph of Article L. 626-5 and in Article L. 626-6. These deadlines and discounts may, where appropriate, be reduced by the court. The court shall approve the agreements to convert to securities accepted by the creditors under the conditions provided for in the third paragraph of Article L….