Article R232-4 of the French Code of civil enforcement procedures
November 8, 2023
Seizure may also be carried out with an authorised intermediary in respect of all securities registered in an account in the debtor’s name.
Seizure may also be carried out with an authorised intermediary in respect of all securities registered in an account in the debtor’s name.
The creditor shall proceed with the seizure by serving a document containing, under penalty of nullity : 1° The name and domicile of the debtor or, in the case of a legal entity, its name and registered office; 2° An indication of the writ of execution by virtue of which the seizure is carried out; 3° A statement of the sums claimed in principal, costs and accrued interest, together with…
Within a period of eight days, and under penalty of nullity, the seizure is brought to the attention of the debtor by a bailiff’s deed. Under penalty of being declared null and void, this act shall contain 1° A copy of the seizure report; 2° An indication, in very clear characters, that disputes are to be raised, on pain of inadmissibility, by a summons which must be served by registered…
On pain of inadmissibility, the dispute shall be notified on the same day or, at the latest, on the first working day thereafter, by registered letter with acknowledgement of receipt, to the bailiff who carried out the seizure.The person lodging the dispute shall inform the garnishee by simple letter.
The act of seizure renders the debtor’s pecuniary rights unavailable. The debtor may obtain a release by depositing with the Caisse des dépôts et consignations a sum sufficient to pay off the creditor. This sum is specifically earmarked for the benefit of the seizing creditor.
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.
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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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