TITLE III: Receivership.

If the shareholders’ equity has not been reconstituted in accordance with the conditions set out in article L. 626-3, the administrator is entitled to request the appointment of a court-appointed agent responsible for convening the competent meeting and voting on the reconstitution of the capital, up to the amount proposed by the administrator, in place of the opposing partner(s) or shareholder(s) when the draft plan provides for a modification of…

As from the opening judgment, the shares, equity securities or securities giving access to the capital of the legal entity which has been the subject of the opening judgment and which are held, directly or indirectly by the de jure or de facto directors, whether remunerated or not, may only be transferred, on pain of nullity, under the conditions set by the court. Equity securities or securities giving access to…

At the request of the administrator or the mandataire judiciaire, the president of the court hearing the case may order any appropriate precautionary measure in respect of the assets of the de jure or de facto manager against whom the administrator or the mandataire judiciaire has brought a liability action based on a fault that contributed to the cessation of payments by the debtor.

The person or persons designated by the social and economic committee shall be informed by the administrator or, failing that, the judicial representative of the arrangements for implementing the precautionary measures taken pursuant to Article L. 621-2.

The remuneration relating to the functions exercised by the debtor, if he is a natural person, or the managers of the legal entity is maintained as it was on the day the proceedings were opened, unless the official receiver decides otherwise at the request of the judicial administrator, the mandataire judiciaire or the public prosecutor. In the absence of remuneration, the persons mentioned in the previous paragraph may obtain from…

In addition to the powers conferred on them by this title, the mission of the administrator or administrators shall be determined by the court. The latter shall charge them together or separately to assist the debtor in all or certain acts relating to the management, or to ensure alone, wholly or in part, the administration of the business. Where the administrator or administrators are responsible for the administration of the…

As soon as the proceedings have been opened, third parties are entitled to submit offers to the administrator with a view to maintaining the business of the company, through a total or partial sale of the company in accordance with the provisions of Section 1 of Chapter II of Title IV. The administrator shall inform the person or persons designated by the social and economic committee or the employees’ representative…

Articles L. 622-3 to L. 622-9, with the exception of article L. 622-6-1, and L. 622-13 to L. 622-33are applicable to the receivership proceedings, subject to the following provisions. An appraisal of the debtor’s assets shall be carried out at the same time as the inventory provided for in Article L. 622-6. When the administrator has a mission of representation, he exercises the prerogatives conferred on the debtor by II…

I.-At the latest at the end of a period of two months from the opening judgment, the court shall order the observation period to continue if it appears to it that the debtor has sufficient financing capacity for this purpose. However, where the debtor is engaged in farming, this period may be modified to take account of the current crop year and the specific practices of the farm. The court…

If, during the observation period, it appears that the debtor has sufficient funds to pay off the creditors and the costs and debts relating to the proceedings, the court may terminate the proceedings. It shall rule at the request of the debtor, under the conditions provided for in the second paragraph of II of Article L. 631-15.