The forced sale is carried out at the request of the creditor on presentation of a certificate issued by the registry or drawn up by the bailiff who carried out the seizure, certifying that no dispute has been lodged within one month of notification of the seizure or, where applicable, of a judgment rejecting the dispute raised by the debtor.
Where there is more than one seizure, the proceeds of the sale are divided between the creditors who carried out the seizure prior to the sale. However, if a precautionary seizure was carried out before the seizure that led to the sale, the creditor takes part in the distribution of the price, but the sums due to him are deposited with the Caisse des dépôts et consignations until he obtains…
The debtor may, within one month of being notified of the seizure, order the sale of the seized securities. The proceeds of the sale are unavailable in the hands of the authorised intermediary to be used specifically to pay the creditor. If the proceeds of the sale are sufficient to pay the creditor(s), the unavailability of the remaining seized securities ceases.
Until the forced sale is carried out, the debtor may indicate to the garnishee the order in which the securities are to be sold. If the debtor fails to do so, their choice may not be challenged.
Failing an amicable sale under the conditions set out in articles R. 221-30 to R. 221-32, the sale is made in the form of an auction.
A set of specifications shall be drawn up for the sale, which shall contain, in addition to a reminder of the previous procedure: 1° The company’s articles of association; 2° Any document required to assess the nature and value of the rights offered for sale. Agreements instituting an approval or creating a preferential right in favour of members are only binding on the successful bidder if they are included in…
A copy of the specifications is sent to the company, which informs the shareholders. On the same day, any other opposing creditors are summoned to inspect the specifications at the premises of the person responsible for the sale. Any interested party may submit observations on the content of the specifications to the person in charge of the sale. Such observations shall no longer be admissible on expiry of a period…
The day, time and place of the sale are advertised in the press and, if necessary, by posters. Such advertising shall be carried out not more than one month and not less than fifteen days before the date set for the sale. The debtor, the company and, if applicable, the other opposing creditors are notified of the date of the sale.
The legal and contractual procedures for approval, pre-emption or substitution are implemented in accordance with the provisions specific to each of them.
The specific provisions relating to other movable property enforcement procedures are set out : 1° By the Transport Code; 2° By the Civil Aviation Code for the seizure of aircraft; 3° By the Intellectual Property Code for the seizure of literary, artistic and industrial property rights; 4° By the French Rural and Maritime Fishing Code for third-party seizures by mutualités sociales agricoles ; 5° By the Social Security Code for…
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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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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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