{"id":9365,"date":"2020-11-26T10:40:27","date_gmt":"2020-11-26T10:40:27","guid":{"rendered":"https:\/\/alerionavocats.eliott-markus.cloud\/?p=9365"},"modified":"2020-11-26T10:40:27","modified_gmt":"2020-11-26T10:40:27","slug":"measures-adapting-french-insolvency-law-covid-19-sanitary-crisis","status":"publish","type":"post","link":"https:\/\/alerionavocats.eliott-markus.cloud\/en\/measures-adapting-french-insolvency-law-covid-19-sanitary-crisis\/","title":{"rendered":"Measures adapting French insolvency law to the Covid-19 sanitary crisis"},"content":{"rendered":"<p>Unsurprisingly, France has massively promoted the recourse to state-guaranteed loans to help companies overcome the crisis. More than EUR 120 billion have already been borrowed through such loans (so-called \u201cPGE\u201d or <em>pr\u00eats garantis par l\u2019Etat<\/em>). Their restructuring, together with that of more \u201ctraditional\u201d debts, is expected to be a key topic for 2021.<\/p>\n<p>In this context, exceptional measures aimed at protecting borrowers have also been adopted. Two of them are particularly worth being mentioned.<\/p>\n<p>Firstly, it has now become easier for borrowers to request a court-imposed grace period against creditors refusing to participate in confidential debt restructuring negotiations under the aegis of a court-appointed \u201cconciliator\u201d (<em>conciliateur<\/em>). Traditionally, such restructuring discussions remain purely consensual, although a limited possibility to request, in  summary proceedings, a two-year grace period against an uncooperative creditor has always existed. The new measures broaden the borrower\u2019s options. There in now a possibility to request, <em>ex parte<\/em>, a prohibition for uncooperative creditors to enforce their rights during the time of the negotiations under the aegis of the conciliator. In addition, the conditions for the granting of the two-year grace period have been facilitated.<\/p>\n<p>Secondly, the new measures encourage a rather radical debt restructuring process, namely the takeover of a company\u2019s assets by its own managers or shareholders, in insolvency proceedings. Traditionally, de facto or de jure managers are barred from purchasing the company\u2019s assets in insolvency proceedings, unless they obtain a specific authorization from the Court, and such authorization may only be granted upon petition of the public prosecutor. The exceptional measures allow the debtor itself (or the insolvency administrator) to request such authorization, if that is a way to preserve jobs. This derogatory measure has been applied in a number of recent significant insolvency proceedings, and indeed helped saving jobs. However, it is due to end on 31 December 2020.<\/p>\n<p><a href=\"https:\/\/alerionavocats.eliott-markus.cloud\/en\/avocat\/gilles-podeur\/\"><strong>Gilles Podeur<\/strong><\/a>, Partner and Julien Brouard, Trainee.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unsurprisingly, France has massively promoted the recourse to state-guaranteed loans to help companies overcome the crisis. More than EUR 120 billion have already been borrowed through such loans (so-called \u201cPGE\u201d or pr\u00eats garantis par l\u2019Etat). Their restructuring, together with that of more \u201ctraditional\u201d debts, is expected to be a key topic for 2021. In this [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[664],"tags":[],"class_list":["post-9365","post","type-post","status-publish","format-standard","hentry","category-actualite"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Measures adapting French insolvency law to the Covid-19 sanitary crisis - Alerion Avocats Paris<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Measures adapting French insolvency law to the Covid-19 sanitary crisis - Alerion Avocats Paris\" \/>\n<meta property=\"og:description\" content=\"Unsurprisingly, France has massively promoted the recourse to state-guaranteed loans to help companies overcome the crisis. 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