Chapter I: Liability for insufficient assets.

The provisions of this chapter are applicable to the managers of a private law legal entity subject to collective proceedings, as well as to natural persons who are permanent representatives of these legal entity managers, to individual entrepreneurs with limited liability and to individual entrepreneurs covered by the status defined in Section 3 of Chapter VI of Title II of Book V.

Where the judicial liquidation of a legal entity reveals a shortfall in assets, the court may, in the event of mismanagement having contributed to the shortfall in assets, decide that the amount of the shortfall in assets will be borne, in whole or in part, by all or some of the de jure or de facto managers who contributed to the mismanagement. If there is more than one manager, the…

In the cases provided for in Article L. 651-2, the matter shall be referred to the court by the liquidator or the public prosecutor. In the collective interest of the creditors, the matter may also be referred to the court by the majority of the creditors appointed as controllers where the liquidator has not taken the action provided for in the same article, after a formal notice has remained unanswered…

For the application of the provisions of Article L. 651-2, ex officio or at the request of one of the persons mentioned in article L. 651-3, the president of the court may instruct the juge-commissaire or, failing this, a member of the court designated by him to obtain, notwithstanding any legislative provision to the contrary, communication of any document or information on the financial situation of the managers and permanent…