Acceso usuarios
Céline Domenget Morin, Louis Clément Lavergne
The Ordinance No. 2021-1193 of 15 September 2021 transposed the Preventive Restructuring Directive (EU) 2019/1023 into French insolvency law for proceedings opened after 1 October 2021. This reform preserves the specific features of French insolvency law which aims to promote reorganization at a preventive stage to preserve businesses and employment, in the context of preventive out-of-court proceedings (mandat ad hoc or conciliation) or in-court proceedings (safeguard while the debtor is not yet cash-insolvent or judicial reorganization or judicial liquidation once it is cash-insolvent). The reform mainly reshapes the mechanism to vote the restructuring plan by introducing classes of affected parties including classes of equity holders, and the possibility to cram down dissenting classes while strengthening the secured creditors’ rights.
