TITLE IV: Judicial liquidation and professional recovery.

The judgment opening or pronouncing the judicial liquidation renders due and payable the unmatured debts for which the assets seized by virtue of the proceedings constitute the pledge. However, where the court authorises the continuation of the business on the grounds that the transfer of all or part of the business may be envisaged, the unmatured claims shall become due and payable on the date of the judgment ruling on…

Creditors holding a special lien, pledge, collateral security or mortgage and the Treasury for its preferential claims may, once they have declared their claims even if they have not yet been admitted, exercise their right of individual pursuit if the liquidator has not undertaken the liquidation of the encumbered assets within three months of the judgment opening or pronouncing the judicial liquidation. Where the court has set a time limit…

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,…

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…

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…

Preferential or hypothecary creditors, not satisfied on the price of the immovables, compete with unsecured creditors for what remains due to them.