Strategic Lawering Paris Lyon Bruxelles

Insolvency & Bankruptcy

Published at 30 January 2017
E-newsletter: January 2017
In a decision dated November 29, 2016, the Commercial Chamber of the Cour de Cassation (French Supreme Court) further specified the conditions for the implementation of Article L.631-1§1 of the French Commercial Code that addresses the rules according to which credit reserves or moratoria granted to a debtor company should be taken into account in the assessment of said debtor company’s possible state of cessation of payments. This decision provides the opportunity to recall applicable rules and to stress that particular attention should be paid, in particular within corporate groups, to advances made to financially distressed group entities.
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Published at 01 March 2012
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E-newsletter: March 2012
The decision rendered on March 8, 2012 by the Court of Appeals of Nîmes that we, as counsel of one of the largest creditors of BELVEDERE, eagerly awaited, put an end to the “procedural” saga of this worldwide leader in wine and spirits. The Court of Appeals of Nîmes reversed the judgment handed down on July 1, 2011 by the Commercial Court of Nîmes that had extended to BELVEDERE the safeguard proceedings initiated in respect of its second-tier subsidiary MONCIGALE and nullified - on the ground of abuse of authority - the judgment dated September 20, 2011 that had converted the safeguard proceedings extended to BELVEDERE into receivership proceedings. The decision of March 8, 2012 thus opened the way for the initiation of receivership proceedings against BELVEDERE in Dijon, which was done on March 20.
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Published at 01 December 2011
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E-newsletter: December 2011
By judgment dated December 1, 2011, the Court of Appeals of Nîmes authored a new chapter of the “procedural” saga of BELVEDERE, a worldwide leader in wine and spirits. As counsel of one of the largest creditors of BELVEDERE, this is a case that we carefully monitor. The judgment of December 1 did not settle all pending issues. The Court will re-open the trial on January 5, 2012. Yet, the handed down judgment does clarify a procedural issue that had never been dealt with in the past concerning the suspensive effect of the Public Prosecutor’s appeal against a judgment ordering the conversion of safeguard proceedings into receivership proceedings.
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Published at 01 October 2010
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E-newsletter: October 2010
French insolvency and bankruptcy laws keep on being reformed. As such, the safeguard procedure, introduced by the Law n° 2005-845 of July 26, 2005 and reformed by Ordinance n° 2008-1345 of December 18, 2008, has once again been recently amended by the legislator to favor a “swift” financial restructuring of companies in difficulty.
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Published at 01 April 2009
E-newsletter: April 2009
Only three years following the Law n° 2005-845 dated July 26, 2005 relating to the safeguard of companies, Order 2008-1345 dated December 18, 2008 and its implementing decree dated February 12, 2009 once again reform French bankruptcy laws with regard to companies in difficulty.
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