TITLE III: Receivership.

Where redundancies on economic grounds are urgent, unavoidable and essential during the observation period, the administrator may be authorised by the juge-commissaire to make such redundancies. Prior to the referral to the official receiver, the administrator shall implement the redundancy plan under the conditions provided for in Article L. 1233-58 of the Labour Code. In support of the request it submits to the official receiver, it attaches the opinion received…

The provisions of Chapters III, IV and V of Title II of this Book shall apply to the receivership proceedings, subject to the following provisions. For the application of the fourth paragraph of Article L. 623-3, the consultation concerns the measures that the administrator plans to propose and the debtor is also consulted. The recourse provided for in the first paragraph of Article L. 624-3 is also open to the…

I.-The provisions of Chapter VI of Title II, with the exception of the third and fourth paragraphs of Article L. 626-1, are applicable to the reorganisation plan, subject to the following provisions. It is the responsibility of the administrator, with the assistance of the debtor, to draw up the draft plan and, where applicable, to present the proposals provided for in the first paragraph of Article L. 626-30-2 to the…

Where the company’s recovery so requires, the court, at the request of the public prosecutor, may make the adoption of the plan subject to the replacement of one or more of the company’s directors. To this end and under the same conditions, the court may order that the shares, equity securities or securities giving access to the capital, held by one or more de jure or de facto managers, may…

When the cessation of activity of an undertaking with at least one hundred and fifty employees or constituting, within the meaning of article L. 2331-1 of the French Labour Code, a dominant undertaking of one or more undertakings with a total workforce of at least one hundred and fifty employees is likely to cause a serious disturbance to the national or regional economy and to the employment area, and if…

Notwithstanding the provisions of the third paragraph of Article L. 626-27, if the debtor’s payments cease during the implementation of the plan, the court that approved the plan decides, after receiving the opinion of the Public Prosecutor’s Office, to terminate the plan and initiate judicial liquidation proceedings. Before making its decision, the court shall examine whether the debtor’s situation meets the conditions laid down in articles L. 645-1 and L….

The provisions of Chapter VII of Title II are applicable to the reorganisation plan. During the observation period, the business is continued by the debtor, who exercises the prerogatives devolved to the administrator by Article L. 631-17 and makes the notifications provided for in the second paragraph of II of article L. 631-19. The mandataire judiciaire exercises the functions devolved to the administrator by the second and third paragraphs of…

Where the court considers that the sale of all or part of the business is conceivable, it shall appoint an administrator, if one has not already been appointed, to take all necessary steps to prepare for the sale and, where appropriate, to carry it out.

At the request of the administrator, the court may order the total or partial sale of the business if the proposed plan or plans appear manifestly unsuitable for the recovery of the business or in the absence of such plans. The provisions of Section 1 of Chapter II of Title IV, with the exception of I of Article L. 642-2, and Article L. 642-22 shall apply to such assignment. The…