The court may declare the personal bankruptcy of the manager of the legal entity, the individual entrepreneur with limited liability or the individual entrepreneur covered by the status defined in Section 3 of Chapter VI of Title II of Book V who have not paid the debts charged to them pursuant to Article L. 651-2.
In the cases provided for in Articles L. 653-3 to L. 653-6 and L. 653-8, the matter is referred to the court by the judicial representative, the liquidator or the public prosecutor. In the collective interest of the creditors, the matter may also be referred to the court at any time during the proceedings by the majority of the creditors appointed as controllers when the court-appointed agent with standing has…
In the cases provided for in articles L. 653-3 to L. 653-6, the court may order, instead of personal bankruptcy, a ban on directing, managing, administering or controlling, directly or indirectly, either any commercial or craft business, any farm and any legal entity, or one or more of them. The prohibition mentioned in the first paragraph may also be imposed on any person mentioned in Article L. 653-1 who, in…
The voting rights of directors subject to personal bankruptcy or the prohibition provided for in Article L. 653-8 shall be exercised at the meetings of legal entities subject to receivership or compulsory liquidation proceedings by an agent appointed by the court for this purpose, at the request of the administrator, liquidator or plan execution commissioner. The court may order these managers, or some of them, to sell their shares in…
The court that declares personal bankruptcy may order disqualification from holding an elective public office. The disqualification is pronounced for a period equal to that of the personal bankruptcy, up to a maximum of five years. When the decision has become final, the Public Prosecutor notifies the interested party of the incapacity, which takes effect from the date of this notification.
When the court pronounces personal bankruptcy or the prohibition provided for in Article L. 653-8, it shall set the duration of the measure, which may not exceed fifteen years. It may order provisional enforcement of its decision. Disqualifications, bans and disqualification from holding elective public office cease ipso jure at the set term, without the need for a ruling. The judgment of closure for the extinction of liabilities, including after…
The provisions of this section apply: 1° To any person exercising a commercial or craft activity, to any farmer and to any natural person exercising an independent professional activity, including a liberal profession subject to a legislative or regulatory status or whose title is protected; 2° To any person who has, directly or indirectly, in law or in fact, managed or wound up a legal entity governed by private law;…
In the event of the opening of receivership or compulsory liquidation proceedings, the persons mentioned in Article L. 654-1 against whom one of the following acts has been established are guilty of bankruptcy: 1° Avoir, dans l’intention d’éviter ou de retard l’ouverture de la procédure de redressement judiciaire ou de liquidation judiciaire, soit fait des achats en vue d’une resvente au-dessous du cours, soit employé des moyens ruineux pour se…
Bankruptcy is punishable by five years’ imprisonment and a fine of €75,000.
When the perpetrator or accomplice to bankruptcy is a manager of an investment services provider, the penalties are increased to seven years’ imprisonment and a fine of €100,000. .
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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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