Section 3: Closure of judicial liquidation proceedings

In the judgment opening or pronouncing the judicial liquidation, the court shall set a time limit at the end of which the closure of the proceedings must be examined. If closure cannot be pronounced at the end of this period, the court may extend the term by a reasoned decision. When there are no longer any liabilities due or when the liquidator has sufficient sums to pay off the creditors,…

The liquidator shall render the accounts. He is responsible for the documents given to him in the course of the proceedings for five years from the date of this rendering.

I.-The judgment closing a judicial liquidation on the grounds of insufficient assets does not give creditors the right to exercise their individual actions against the debtor. There are exceptions to this rule: 1° For actions relating to assets acquired under an estate opened during the judicial liquidation proceedings; 2° Where the claim originates from an offence for which the debtor’s guilt has been established or where it relates to rights…

The closure of the judicial liquidation or the proceedings provided for in article L. 645-1 suspends the effects of the cheque-writing ban to which the debtor is subject under article 65-3 of the decree of 30 October 1935 unifying the law on cheques and relating to payment cards, implemented on the occasion of the rejection of a cheque issued prior to the judgment opening the proceedings. However, where the debtor…

If the judicial liquidation is closed due to insufficient assets and it appears that assets have not been realised or that actions in the interest of creditors have not been taken during the course of the proceedings, the proceedings may be resumed. The matter is referred to the court by the previously appointed liquidator, by the public prosecutor or by any interested creditor. If the matter is referred to it…