In the event of a forced sale, where a property seizure procedure initiated prior to the opening judgment has been suspended by the effect of the opening judgment, the acts performed by the seizing creditor are deemed to have been performed on behalf of the liquidator who proceeds with the sale of the immovable property. The seizure of immovable property may resume at the stage at which it was suspended…
The liquidator shall distribute the proceeds of the assets and pay the creditors according to the ranking of the security interests attaching to their claims.
The liquidator shall report on his mission to the judge under conditions laid down by decree in the Conseil d’Etat.
If the judge finds at the hearing to open the personal recovery proceedings with judicial liquidation that the debtor is clearly in the situation defined in the second paragraph of Article L. 742-21, the judge may open and close the personal recovery procedure with judicial liquidation for insufficient assets by the same judgment. The judgment has the same effects as those mentioned in article L. 742-22.
When the assets realised are sufficient to pay off the creditors, the judge declares the proceedings closed.Where the assets realised are insufficient to satisfy the creditors, where the debtor owns nothing other than furnishings necessary for day-to-day living and non-business assets essential to the exercise of his professional activity, or where the assets consist solely of assets that have no market value or whose sale costs would be manifestly disproportionate…
Closure entails the wiping out of all the debtor’s debts, both professional and non-professional, as at the date of the opening judgment, with the exception of those for which the amount has been paid in place of the debtor by the guarantor or co-obligor, natural persons.
If the debtor’s situation so requires, the judge shall invite the debtor to apply for a social assistance or action measure, which may include a budget education programme, in particular a personalised social support measure, under the conditions set out in the Book II of the Code of Social Action and Families. .
Exceptionally, if the judge considers that compulsory liquidation can be avoided, the judge shall draw up, where appropriate on a proposal from the trustee, a plan comprising the measures referred to in Articles L. 733-1, L. 733-4 and L. 733-7.
The judgment adopting the plan makes it enforceable against all parties. The duration of the plan is set by the judge and may not exceed seven years. It may not exceed seven years.If the plan is not implemented, the judge will order its termination.The plan may, however, exceed this duration when the measures it includes concern the repayment of loans taken out to purchase a property that constitutes the debtor’s…
Debts written off pursuant to the provisions of articles L. 741-2, L. 741-6, L. 741-7 and L. 742-21 valid for regularisation of incidents within the meaning of article L. 131-73 of the Monetary and Financial Code.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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