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The transposition of the Directive 2019/1023/UE which was highly anticipated will allow French insolvency law to remain attractive on the European scene. Indeed, France introduced classes of affected parties, comprising also equity holders, allowing the debtor a great deal of flexibility to put together the financial restructuring plan. Hence, the two steps model allows the debtor to confidentially prepare the restructuring plan during conciliation proceedings and to cram-down minority creditors and equity holders who are out of the money. Interestingly, France opted for the absolute priority rule with limited derogations. Thus, it is possible for junior classes (suppliers) and equity holders to keep an interest. In the same vein, classes of creditors having the same ranking can be treated differently.
