The judicial representative draws up a statement of the responses made by the creditors. This statement is sent to the debtor and the administrator as well as to the supervisors.
The social and economic committee and the mandataire judiciaire shall be informed and consulted on the measures that the debtor intends to propose in the draft plan in light of the information and offers received. They shall also be informed and consulted, as well as the auditor(s), on the economic and social balance sheet and the draft plan, which shall be communicated to them by the administrator and supplemented, where…
After hearing or duly summoning the debtor, the administrator, the judicial representative, the auditors and the representatives of the works council or, failing that, the employee delegates, the court shall rule on the basis of the documents provided for in article L. 626-8, after obtaining the opinion of the public prosecutor. When the proceedings are opened in favour of a debtor who employs a number of employees or who has…
The plan designates the persons required to implement it and mentions all the commitments made by them that are necessary to safeguard the business. It mentions separately the cash contributions of the persons who have undertaken to make them in order to implement the safeguard plan approved by the court. These commitments relate to the future of the business, the arrangements for maintaining and financing the business, the settlement of…
The judgment adopting the plan makes its provisions enforceable against all. With the exception of legal persons, co-obligors and persons who have granted a personal surety or who have assigned or assigned an asset as security may avail themselves of it.
Without prejudice to the application of the provisions of Article L. 626-18, the duration of the plan is set by the court. It may not exceed ten years. Where the debtor is a person engaged in an agricultural activity as defined in article L. 311-1 of the Code rural et de la pêche maritime, it may not exceed fifteen years. .
The court’s approval of the plan shall result in the automatic lifting of any ban on issuing cheques in accordance with Article L. 131-73 of the Monetary and Financial Code, implemented on the occasion of the rejection of a cheque issued prior to the judgment opening the proceedings. The ban is lifted only on accounts relating to the assets covered by the plan.
In the judgment adopting the plan or amending it, the court may decide that assets that it considers essential to the continuation of the business may not be disposed of, for a period that it fixes, without its authorisation. The duration of the inalienability may not exceed that of the plan. When the court is seised of an application for authorisation to dispose of an asset rendered inalienable pursuant to…
The court shall give notice of the deadlines and remissions accepted by the creditors under the conditions provided for in the second paragraph of Article L. 626-5 and in Article L. 626-6. These deadlines and discounts may, where appropriate, be reduced by the court. The court shall approve the agreements to convert to securities accepted by the creditors under the conditions provided for in the third paragraph of Article L….
The plan may provide for a choice for creditors involving payment within shorter uniform periods but accompanied by a proportional reduction in the amount of the claim. The reduction of the claim is definitively acquired only after payment, at the fixed term, of the last instalment provided for by the plan for its payment.
Our French business lawyers are here to help.
We offer a FREE evaluation of your case.
Call us at +33 (0) 1 84 88 31 00 or send us an email.
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
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
Resources
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
Useful links
Our French business lawyers are here to help.
We offer a FREE evaluation of your case.
Call +33 (0) 1 84 88 31 00 or send us an email.
All information exchanged through this website will be communicated to lawyers registered with a French Bar and will remain confidential.
