Section 1: Decision by the commission imposing a personal recovery plan without compulsory liquidation

If the examination of the request for treatment of the overindebtedness situation reveals that the debtor is in the irremediably compromised situation defined in the second paragraph of article L. 724-1 and only owns assets mentioned in 1° of the same article L. 724-1, the commission shall impose a personal recovery without judicial liquidation.

In the absence of a challenge under the conditions set out in article L. 741-4, personal recovery without judicial liquidation entails the wiping out of all the debtor’s professional and non-professional debts as at the date of the commission’s decision, with the exception of the debts mentioned in articles L. 711-4 and L. 711-5 and debts the amount of which has been paid in place of the debtor by the…

Claims whose holders have not been notified of the decision imposed by the commission and have not contested this decision within the period set by decree mentioned in Article L. 741-4 are extinguished.