French Consumer Code

The judge shall order the judicial liquidation of the debtor’s assets, excluding the unseizable assets listed in article L. 112-2 of the code des procédures civiles d’exécution as well as assets whose sale costs would be manifestly disproportionate to their market value and non-professional assets essential to the debtor’s professional activity.

The judgment pronouncing the liquidation automatically divests the debtor of the disposal of his assets. His rights and actions in respect of his personal assets shall be exercised throughout the liquidation by the liquidator.

The liquidator has twelve months to sell the debtor’s assets out of court or, failing that, organise a forced sale under the conditions relating to civil enforcement procedures.

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.