Section 2: Closure of the judicial liquidation.

Insufficient assets are characterised when the proceeds from the realisation of the debtor’s assets and the actions and proceedings taken in the interest of the company or the creditors are no longer sufficient to pay off the creditors, even partially.

The court clerk, no later than two months before the expiry of the time limit set by the court, pursuant to the first paragraph of Article L. 643-9, for the review of the closure of the proceedings, shall summon the debtor to attend by writ issued by a bailiff. He shall notify the liquidator and the auditors of the date of the hearing. When the fourth paragraph of the same…

The court shall rule on the closure of the proceedings on the liquidator’s report. Where applicable, the liquidator shall be appointed to carry out the mission provided for in the third paragraph of Article L. 643-9 unless a conflict of interest exists. By reasoned decision, the court may, at the request of the debtor or the Public Prosecutor, appoint another person under the conditions provided for in Article L. 812-2….

Within two months of the completion of his assignment, the liquidator shall file an end-of-assignment report under the conditions set out in Articles R. 626-39 and R. 626-40. Article R. 626-41 is applicable. When the judicial liquidator has been informed of the implementation of an administrative tax assessment procedure, he shall inform the competent public accountants by registered letter with acknowledgement of receipt at least fifteen days before the date…

A creditor whose claim has been admitted and who recovers his right of individual pursuit in accordance with Article L. 643-11 may obtain, by order of the president of the court made on application, the title provided for in V of the same article. The guarantor or co-obligor referred to in II of the same article may, under the same conditions, obtain a writ of execution upon proof of the…

If the debtor is subject to a cheque-writing ban imposed pursuant to Article L. 131-73 of the Monetary and Financial Code, the liquidator shall obtain from the Banque de France a statement of the cheque payment incidents recorded in the name of the interested party and, if the debtor is an entrepreneur, of the payment incidents relating to the assets, or assets, that are the subject of the proceedings and…

For the application of article L. 643-12, the debtor shall provide evidence of the suspension of the cheque-writing ban to the credit institution that initiated this measure by submitting a copy of the closing judgement, to which it shall attach a statement of payment incidents. The credit institution that initiated the ban informs the Banque de France of the suspension of the ban for the purpose of regularisation.

If the cheque-writing ban that has been suspended pursuant to Article L. 643-12 resumes its effects following recovery by the creditors of their right of individual pursuit, the enforceable order referred to in V of Article L. 643-11 is notified by the court clerk, at the expense of the pursuing creditor, to the Banque de France, together with the statement of cheque payment incidents referred to in Article R. 643-22.

The court shall rule on the resumption of the judicial liquidation proceedings provided for in Article L. 643-13 after having heard or duly summoned the debtor. The decision to resume proceedings is subject to the notices and publicity provided for in articles R. 621-7 and R. 621-8. It is served on the debtor and, where applicable, notified to the claimant creditor.