Chapter II: Seizure operations

Shareholder rights and securities held by the debtor are seized from the issuing company or legal entity.

Registered securities whose accounts are kept by an agent of the Company are seized from this agent. The company must inform the bailiff of the name of the agent responsible for keeping its accounts.

Bearer securities are registered with the authorised intermediary with whom the registration was made. If the holder of registered securities has instructed an authorised intermediary to manage his account, the seizure is made with the latter.

Seizure may also be carried out with an authorised intermediary in respect of all securities registered in an account in the debtor’s name.

The creditor shall proceed with the seizure by serving a document containing, under penalty of nullity : 1° The name and domicile of the debtor or, in the case of a legal entity, its name and registered office; 2° An indication of the writ of execution by virtue of which the seizure is carried out; 3° A statement of the sums claimed in principal, costs and accrued interest, together with…

Within a period of eight days, and under penalty of nullity, the seizure is brought to the attention of the debtor by a bailiff’s deed. Under penalty of being declared null and void, this act shall contain 1° A copy of the seizure report; 2° An indication, in very clear characters, that disputes are to be raised, on pain of inadmissibility, by a summons which must be served by registered…

On pain of inadmissibility, the dispute shall be notified on the same day or, at the latest, on the first working day thereafter, by registered letter with acknowledgement of receipt, to the bailiff who carried out the seizure.The person lodging the dispute shall inform the garnishee by simple letter.

The act of seizure renders the debtor’s pecuniary rights unavailable. The debtor may obtain a release by depositing with the Caisse des dépôts et consignations a sum sufficient to pay off the creditor. This sum is specifically earmarked for the benefit of the seizing creditor.