Legislative part

The court appoints, if necessary, a provisional administrator of the business, sets the upset prices, determines the main conditions of the sale, and appoints the public officer who draws up the specifications to carry out the sale. Extraordinary publicity, where useful, is regulated by the judgment or, failing this, by order of the president of the commercial court made on application. The latter may, by the decision rendered, authorise the…

Creditors registered on a business may also, even under private deeds, have the sale of the business ordered, eight days after a summons to pay made to the debtor and the third party holder, if any, has remained unsuccessful. The application shall be brought before the Commercial Court within whose jurisdiction the said business is operated, which shall rule as stated in Article L. 143-4.

The pursuing party summons the owner of the business and the creditors registered prior to the decision ordering the sale, to the domicile declared by them in their registrations, at least fifteen days before the sale, to take notice of the specifications, to provide their statements and observations and to attend the auction, if they so wish. The sale takes place at least ten days after posters have been put…

The president of the court shall rule, if necessary, on the grounds of nullity of the sale procedure prior to the auction, and on the costs. These pleas must be opposed, on pain of forfeiture, at least eight days before the auction. The fourth paragraph of Article L. 143-4 shall apply to the order made by the president.

The Commercial Court, seised of a claim for payment relating to the operation of a business, may, if it makes an order and if the creditor so requests, by the same judgment order the sale of the business. It shall rule in accordance with the terms of the first and second paragraphs of article L. 143-4 and shall set the time limit after which, in the absence of payment, the…

If the successful bidder fails to comply with the clauses of the auction, the business shall be sold on reiteration of the bids, in accordance with the forms prescribed by the articles L. 143-6 and L. 143-7. The defaulting successful bidder is liable to the seller’s creditors and to the seller himself for the difference between his price and the resale price upon reopening of the auction, without being able…

The separate sale of one or more parts of a registered business, either by way of seizure and sale, or pursuant to the provisions of this chapter, or pursuant to the second paragraph of article 2346 of the Civil Code, shall not take place until ten days at the earliest after notification of the proceedings to the creditors who have registered at least fifteen days prior to the said notification,…

No higher bid is allowed when the sale has taken place in the forms prescribed by articles L. 143-3 to L. 143-8, L. 143-10and L. 143-13 to L. 143-15.

The preferential rights of registered creditors follow the business into whatever hands it passes. When the sale of the business has not taken place by public auction in accordance with the articles mentioned in article L. 143-11 purchasers wishing to secure themselves from the proceedings of registered creditors are required, on pain of forfeiture, prior to the proceedings or within fifteen days of the summons to pay being issued to…

Any creditor registered on a business may, where article L. 143-11 does not apply, request that it be put up for sale by public auction, offering to pay the principal price, excluding equipment and goods, at one-tenth in addition and to give security for the payment of the prices and charges or to provide evidence of sufficient solvency. This requisition, signed by the creditor, must, on pain of forfeiture, be…