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The transposition of the EU Directive on early corporate restructuring and second chance into french law
The transposition of the Directive 2019/1023/UE which was highly antidpated 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 re-structuring pian. lience. 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 class-es (suppliers) and equity holders to keep an interest. In the same vein, classes of creditors having the same ranking can be treated differently.
I. INTRODUCTION
II. MAIN FEATURES OF THE NEW ACCELERATED SAFEGUARD PROCEEDING:
1 Creation of classes of affected parties:
1.1. The scope
1.2. The selection of affected parties
1.3. The creation of classes of affected parties
2. The confirmation of a restructuring plan:
2.1. The best-interest-of-creditors test
2.2. The approval of the plan by a majority of the voting classes
2.3. The compliance with Me absolute priority rule
2.4. Derogation to the absolute priority rule
2.5. The principie of equal treatment of creditors having Me same ranking
3. The situation of equity holders:
3.1. The torced debt-to-equity swap
3.2. The definition of equity holders
III. CONCLUSION
IV. BIBLIOGRAPHY:
1. Primary sources
2. Secondary sources.
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The transposition of the Directive 2019/1023/UE which was highly antidpated 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 re-structuring pian. lience. 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 class-es (suppliers) and equity holders to keep an interest. In the same vein, classes of creditors having the same ranking can be treated differently.
I. INTRODUCTION
II. MAIN FEATURES OF THE NEW ACCELERATED SAFEGUARD PROCEEDING:
1 Creation of classes of affected parties:
1.1. The scope
1.2. The selection of affected parties
1.3. The creation of classes of affected parties
2. The confirmation of a restructuring plan:
2.1. The best-interest-of-creditors test
2.2. The approval of the plan by a majority of the voting classes
2.3. The compliance with Me absolute priority rule
2.4. Derogation to the absolute priority rule
2.5. The principie of equal treatment of creditors having Me same ranking
3. The situation of equity holders:
3.1. The torced debt-to-equity swap
3.2. The definition of equity holders
III. CONCLUSION
IV. BIBLIOGRAPHY:
1. Primary sources
2. Secondary sources.
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