Chapter III: Personal bankruptcy and other prohibition measures.

I.-When receivership or compulsory liquidation proceedings are opened, the provisions of this chapter are applicable to: 1° Natural persons exercising a commercial or craft activity, farmers and any other natural person exercising an independent professional activity including a liberal profession subject to a legislative or regulatory status or whose title is protected; 2° Natural persons, de jure or de facto managers of legal persons; 3° Natural persons, permanent representatives of…

Personal bankruptcy entails a ban on directing, managing, administering or controlling, directly or indirectly, any commercial or craft enterprise, any farm or any enterprise with any other independent activity and any legal person.

I.-The court may declare the personal bankruptcy of any person mentioned in 1° of I of Article L. 653-1 , subject to the exceptions provided for in the last paragraph of I of the same article, against whom one of the following facts has been identified: 1° Having abusively pursued a loss-making operation which could only lead to the cessation of payments; 2° (Repealed). 3° Having misappropriated or concealed all…

The court may declare the personal bankruptcy of any director, de jure or de facto, of a legal person, against whom one of the following facts has been identified: 1° Having disposed of the assets of the legal person as if they were his own; 2° Under cover of the legal person masking his actions, having carried out commercial acts in a personal interest; 3° Having made use of the…

The court may declare the personal bankruptcy of any person mentioned in Article L. 653-1 against whom one of the following facts has been established: 1° Having exercised a commercial, craft or agricultural activity or a function of management or administration of a legal entity contrary to a prohibition provided for by law; 2° Having, with the intention of avoiding or delaying the opening of receivership or compulsory liquidation proceedings,…

The court may declare the personal bankruptcy of the manager of the legal entity, the individual entrepreneur with limited liability or the individual entrepreneur covered by the status defined in Section 3 of Chapter VI of Title II of Book V who have not paid the debts charged to them pursuant to Article L. 651-2.

In the cases provided for in Articles L. 653-3 to L. 653-6 and L. 653-8, the matter is referred to the court by the judicial representative, the liquidator or the public prosecutor. In the collective interest of the creditors, the matter may also be referred to the court at any time during the proceedings by the majority of the creditors appointed as controllers when the court-appointed agent with standing has…

In the cases provided for in articles L. 653-3 to L. 653-6, the court may order, instead of personal bankruptcy, a ban on directing, managing, administering or controlling, directly or indirectly, either any commercial or craft business, any farm and any legal entity, or one or more of them. The prohibition mentioned in the first paragraph may also be imposed on any person mentioned in Article L. 653-1 who, in…

The voting rights of directors subject to personal bankruptcy or the prohibition provided for in Article L. 653-8 shall be exercised at the meetings of legal entities subject to receivership or compulsory liquidation proceedings by an agent appointed by the court for this purpose, at the request of the administrator, liquidator or plan execution commissioner. The court may order these managers, or some of them, to sell their shares in…

The court that declares personal bankruptcy may order disqualification from holding an elective public office. The disqualification is pronounced for a period equal to that of the personal bankruptcy, up to a maximum of five years. When the decision has become final, the Public Prosecutor notifies the interested party of the incapacity, which takes effect from the date of this notification.