{"id":2161321,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161321"},"modified":"2026-11-04T19:45:56","modified_gmt":"2026-11-04T18:45:56","slug":"pre-pack-sale-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/pre-pack-sale-lawyer-paris\/","title":{"rendered":"Pre-pack sale lawyer in Paris: a confidential takeover before opening"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161321\" class=\"elementor elementor-2161321 elementor-2160707\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59a e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v5bd59a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59aw elementor-widget elementor-widget-html\" data-id=\"v5bd59aw\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"kcv\" id=\"kci-root\" data-refresh-marker=\"expertise-fr-avocat-prepack-cession-paris-20261101\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">Conciliation or ad hoc mandate: preparing the takeover of the business before proceedings open<\/p>\n      <h1 id=\"kch-h1\"><em>Pre-pack sale<\/em> lawyer in Paris:<span class=\"kcv-tail\"> a confidential takeover before opening.<\/span><\/h1>\n      <p class=\"kcv-sub\">With a pre-pack sale lawyer in Paris, a business can look for a buyer during conciliation or an ad hoc mandate, away from publicity, and then put the chosen offer to the court as soon as safeguard, judicial reorganisation or judicial liquidation proceedings open. The value of the business and part of the jobs can thus be preserved, under the supervision of the prosecution service and the court.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n      <p class=\"kcv-urg\">The sale mission is entrusted during conciliation, which is closed to a business that has been in cessation of payments for more than forty-five days. Check that date and gather the data buyers will need before any application.<\/p>\n    <\/div>\n    <div class=\"kcv-stagewrap\"><div class=\"kcv-stageshadow\"><div class=\"kcv-stage\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-20261025.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-1080-20261025.webp\" media=\"(max-width:760px)\" fetchpriority=\"high\">\n      <div class=\"kcv-media\" aria-hidden=\"true\" style=\"--kcv-img:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-droit-bancaire-paysage-1080-20261025.webp')\"><\/div>\n      <div class=\"kcv-panel kcv-glass\" id=\"kch-form\">\n        <div class=\"kcv-panel-head\">\n          <div>\n            <p class=\"kcv-panel-k\">Pre-pack sale \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the latest accounts, the cash position, the list of creditors, the essential contracts and, where relevant, any expressions of interest already received: the firm will examine whether a prepared sale is realistic and within what framework.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. VAT<\/small><\/span>\n    <div class=\"kcf-price-body\">\n      <p class=\"kcf-price-text\"><strong>Preliminary review of your case.<\/strong> Examination of your documents and a first written analysis by Reda Kohen, within 24 to 48 business hours. Payment is made online after this form is sent.<\/p>\n      <ul class=\"kcf-price-meta\">\n        <li>Up to 1 GB of documents, folders and subfolders accepted<\/li>\n        <li>Secure payment, no banking data stored<\/li>\n        <li><a href=\"\/conditions-etude-prealable\/\" target=\"_blank\" rel=\"noopener\">Terms and fee agreement<\/a><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-row\">\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2name\">Full name<\/label>\n      <input class=\"kcf-input\" type=\"text\" id=\"kcf-2name\" name=\"name\" placeholder=\"Your name\" required autocomplete=\"name\" aria-describedby=\"kcf-2name-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2name-err\" role=\"alert\"><\/p>\n    <\/div>\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2phone\">Telephone <span class=\"kcf-optional\">(optional)<\/span><\/label>\n      <input class=\"kcf-input\" type=\"tel\" inputmode=\"tel\" id=\"kcf-2phone\" name=\"phone\" placeholder=\"06 00 00 00 00\" autocomplete=\"tel\" aria-describedby=\"kcf-2phone-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2phone-err\" role=\"alert\"><\/p>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2email\">Email address<\/label>\n    <input class=\"kcf-input\" type=\"email\" id=\"kcf-2email\" name=\"email\" placeholder=\"your@email.com\" required autocomplete=\"email\" spellcheck=\"false\" autocapitalize=\"off\" aria-describedby=\"kcf-2email-err\">\n    <p class=\"kcf-field-error\" id=\"kcf-2email-err\" role=\"alert\"><\/p>\n  <\/div>\n  \n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2message\">Message<\/label>\n    <textarea class=\"kcf-textarea\" id=\"kcf-2message\" name=\"message\" placeholder=\"Briefly describe your situation...\" required aria-describedby=\"kcf-2message-err\"><\/textarea>\n    <p class=\"kcf-field-error\" id=\"kcf-2message-err\" role=\"alert\"><\/p>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\">Attachments <span class=\"kcf-optional\">(optional, 500 files max, 1 GB)<\/span><\/label>\n    <div class=\"kcf-dropzone\" id=\"kcf-2dropzone\">\n      <svg class=\"kcf-dropzone-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><polyline points=\"17 8 12 3 7 8\"\/><line x1=\"12\" y1=\"3\" x2=\"12\" y2=\"15\"\/><\/svg>\n      <p class=\"kcf-dropzone-text\"><strong>Click<\/strong> or drag your files here<br>All formats accepted (PDF, Word, images, etc.)<\/p>\n      <input type=\"file\" name=\"attachments\" id=\"kcf-2files\" multiple>\n    <\/div>\n    <div class=\"kcf-file-list\" id=\"kcf-2filelist\"><\/div>\n    <div class=\"kcf-progress\" id=\"kcf-2progress\">\n      <div class=\"kcf-progress-bar\"><div class=\"kcf-progress-fill\" id=\"kcf-2progressfill\"><\/div><\/div>\n      <p class=\"kcf-progress-text\" id=\"kcf-2progresstext\">Sending...<\/p>\n    <\/div>\n  <\/div>\n  <button type=\"submit\" class=\"kcf-btn\">\n    <span class=\"kcf-spinner\"><\/span>\n    <span class=\"kcf-btn-text\">Pay \u20ac80 and send my case<\/span>\n  <\/button>\n  <div class=\"kcf-msg\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"><\/div>\n  <p class=\"kcf-note\">Payment constitutes a request for immediate performance of your analysis. 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p.knp__watchlink{margin:0 0 2px;padding:0;line-height:17px}.kcv-press.knp a.knp__videos{gap:5px;padding:0;border:0;border-radius:0;background:none;box-shadow:none;font-size:11.5px;letter-spacing:.02em;line-height:17px;transform:none}.kcv-press.knp a.knp__videos:hover{background:none;box-shadow:none;transform:none}.kcv-press.knp a.knp__videos:hover span{text-decoration:underline;text-underline-offset:3px}.kcv-press.knp a.knp__videos svg{width:13px;height:13px}.knp .knp__vc{display:none}@media (max-width:900px){.kcv-press.knp .knp__vl{display:none}.kcv-press.knp .knp__vc{display:inline}}@media (prefers-reduced-motion:reduce){.knp a.knp__videos{transition:none}.knp a.knp__videos:hover{transform:none}}<\/style><p class=\"knp__watchlink\"><a class=\"knp__videos\" href=\"https:\/\/kohenavocats.fr\/en\/media\/\" aria-label=\"Watch the videos and their transcripts\"><svg width=\"18\" height=\"18\" viewBox=\"0 0 20 20\" aria-hidden=\"true\" focusable=\"false\"><circle cx=\"10\" cy=\"10\" 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur 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\u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s 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aria-selected=\"false\" tabindex=\"-1\">The rules<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p2\" aria-controls=\"kcv-p2\" aria-selected=\"false\" tabindex=\"-1\">Your documents<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p3\" aria-controls=\"kcv-p3\" aria-selected=\"false\" tabindex=\"-1\">The method<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p4\" aria-controls=\"kcv-p4\" aria-selected=\"false\" tabindex=\"-1\">The timetable<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p5\" aria-controls=\"kcv-p5\" aria-selected=\"false\" tabindex=\"-1\">The checks<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-synthese\" aria-controls=\"kcv-synthese\" aria-selected=\"false\" tabindex=\"-1\">Summary<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-faq\" aria-controls=\"kcv-faq\" aria-selected=\"false\" tabindex=\"-1\">Questions<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-textes\" aria-controls=\"kcv-textes\" aria-selected=\"false\" tabindex=\"-1\">Legal texts<\/button><\/div><\/div>\n    <div class=\"kcv-track\"><div class=\"kcv-slide kcv-on\" id=\"kcv-avocat\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-avocat\" tabindex=\"-1\">\n<div class=\"kcv-pro\">\n  <figure class=\"kcv-pro-photo\"><img fetchpriority=\"high\" src=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/kohen-footer\/portrait-reda-20260920-lignes-orange.jpg\" alt=\"Reda Kohen, lawyer at the Paris Bar\" width=\"1122\" height=\"1402\" loading=\"eager\" decoding=\"async\">\n    <figcaption class=\"kcv-pro-cap kcv-glass\"><span class=\"kcv-pro-capn\">Reda Kohen<\/span><span class=\"kcv-pro-capr\">Lawyer at the Paris Bar<\/span><\/figcaption>\n  <\/figure>\n  <div class=\"kcv-pro-body\">\n    <p class=\"kk\">Business law \u00b7 Paris 17th arrondissement<\/p>\n    <h2>What a <em>pre-pack sale lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Business law<\/li><li>Businesses in difficulty<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, lawyer at the Paris Bar, advises on business law and can assist a company director who is considering selling a business in difficulty through a pre-pack sale, or a candidate who wishes to take over an activity in that framework.<\/p>\n    <p class=\"kcv-p\">The pre-pack rests on a simple idea: conduct the search for a buyer during the amicable phase, while the business is still operating, then put the chosen offer to the court as soon as the collective insolvency proceedings open, and the court examines it at a hearing held shortly afterwards. The firm first examines whether this route is still open, in light of the date of cessation of payments and the cash available.<\/p>\n    <p class=\"kcv-p\">The conciliator may be instructed, at the debtor's request and after hearing the participating creditors, to organise a partial or total sale of the business, to be carried out where appropriate in later safeguard, judicial reorganisation or judicial liquidation proceedings (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-7 of the French Commercial Code<\/a>). The court then has the last word on the offer, the price and the jobs taken over.<\/p>\n    <p class=\"kcv-p\">Send what you have, even if incomplete: the firm will prioritise and complete the file with you. In an emergency, call <a href=\"tel:+33646605822\">06 46 60 58 22<\/a>.<\/p>\n    <p class=\"kcv-pro-meta\"><a href=\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\" target=\"_blank\" rel=\"noopener\">Official profile in the directory of French lawyers (CNB)<\/a><span>Firm at 11 rue Margueritte, 75017 Paris<\/span><\/p>\n  <\/div>\n<\/div>\n<div class=\"kcv-cards\">\n  <div class=\"kcv-card\"><h3>A discreet search<\/h3><p>The search for buyers takes place under the confidentiality regime of conciliation or the ad hoc mandate, which protects customers, suppliers and staff during the negotiation.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>An offer ready at opening<\/h3><p>The selected offer is drafted to meet the requirements of the Commercial Code, so that the court can examine it quickly after the opening judgment, without starting from scratch.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Court oversight maintained<\/h3><p>The prosecution service gives its opinion, the court checks that the search was given sufficient publicity, and it selects the offer that most durably secures employment and payment of the creditors.<\/p><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p1\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p1\" tabindex=\"-1\">\n<p class=\"kk\">The rules<\/p>\n<h2>Sale mission, offer, hearing: <em>the rules of the pre-pack<\/em><\/h2>\n<p class=\"kcv-lead\">Five rules govern the confidential preparation of a takeover and its passage before the court.<\/p>\n<ol class=\"kcv-conds\">\n  <li>The amicable phase prepares the sale. The conciliator may be given, at the debtor's request, a mission to organise the partial or total sale of the business (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-7 of the Commercial Code<\/a>), and the ad hoc agent receives the mission set by the president of the court (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-3 of the Commercial Code<\/a>). The commercial court of Aix-en-Provence, opening a judicial reorganisation after such a mission, noted that \u201cthe setting up of the call for offers, the publicity carried out and the offers received, as well as their seriousness, are matters recorded both in the note of the company's counsel and in the conciliator's report\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a72ef00195da062e09f6c2c\" target=\"_blank\" rel=\"noopener\">TC Aix-en-Provence, 3 August 2026, No. 2026010335<\/a>).<\/li>\n  <li>The court may dispense with a new call for offers. Where the offers made through the steps taken by the ad hoc agent or the conciliator are complete and satisfactory, it may decline to set a new deadline for submissions; the conciliator then reports on those steps despite confidentiality, and the public prosecutor gives an opinion (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). That option appears in paragraph I of Article L. 642-2, which Article L. 631-22 disapplies for a sale ordered in judicial reorganisation (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052931\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052931\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-22 of the Commercial Code<\/a>); the Aix-en-Provence and Angers judgments cited on this page nevertheless set, in judicial reorganisation, a hearing to examine the offers gathered by the conciliator. The court sets a hearing to examine the offers, and other offers remain admissible until eight days before it (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-1 of the Commercial Code<\/a>). The commercial court of Angers thus held that \u201cthird parties will have until 8 days before the date of the offer examination hearing to submit a takeover offer\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aca1976c27382d0998f4732\" target=\"_blank\" rel=\"noopener\">TC Angers, 7 October 2026, No. 2026011752<\/a>).<\/li>\n  <li>The search must have been sufficiently public. To rule out a new call for offers, the court satisfies itself that, given the nature of the business, the steps taken by the ad hoc agent or the conciliator gave sufficient publicity to the preparation of the sale (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-40 of the Commercial Code<\/a>). An isolated, weak offer does not decide the matter: the commercial court of Dijon, faced with a proposal far below the inventory value, stated that \u201cThe Court finds that the offer proposed is manifestly insufficient\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a2e1a1ecdc6046d473c12eb\" target=\"_blank\" rel=\"noopener\">TC Dijon, 19 May 2026, No. 2026002444<\/a>), and then ordered a call for offers.<\/li>\n  <li>In principle, the director may not take over. Neither the debtor, nor the de jure or de facto directors, nor their relatives or in-laws up to the second degree, nor the supervisors may submit an offer; the court may authorise a sale to a director or a relative by a specially reasoned judgment, on the application of the public prosecutor, but never to the debtor or the supervisors (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-3 of the Commercial Code<\/a>). The Court of Cassation specifies that it does not follow from the text that \u201cthe former de jure director of the debtor legal entity would be barred from submitting an offer to acquire the business, except in cases of fraud\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6079e3929ba5988459c5c227\" target=\"_blank\" rel=\"noopener\">Cass. com., 23 September 2014, No. 13-19.713<\/a>), which leaves the question of retained de facto management fully open.<\/li>\n  <li>The judgment binds everyone and the avenues of challenge are narrow. The court selects the offer that, in the best conditions, most durably secures employment, payment of the creditors and the best guarantees of performance, and the judgment adopting the plan makes its provisions binding on everyone (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-5 of the Commercial Code<\/a>). An appeal is open only to the debtor, the public prosecutor, the transferee and the counterparty within precise limits (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 661-6 of the Commercial Code<\/a>), and third-party opposition is barred (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053069\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053069\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 661-7 of the Commercial Code<\/a>).<\/li>\n<\/ol>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>The pre-pack speeds up the sale without removing oversight: the prosecution service gives its opinion, the court checks the publicity given to the search, and other candidates can still submit an offer up to eight days before the hearing.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p2\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p2\" tabindex=\"-1\">\n<p class=\"kk\">Your documents<\/p>\n<h2>What to gather depending on <em>your position<\/em><\/h2>\n<p class=\"kcv-lead\">A serious buyer commits only on the basis of reliable information, and the court selects only a complete offer.<\/p>\n<div class=\"kcv-duel\">\n  <div class=\"kcv-opt kcv-opt-a\"><p class=\"kcv-opt-k\">Position A<\/p><p class=\"kcv-opt-t\">You run the business to be sold<\/p><ul><li>Annual accounts for the last financial years, recent management accounts and a thirteen-week cash plan<\/li><li>Statement of debts by creditor, security granted, the director's guarantees and payment schedules in progress<\/li><li>List of contracts needed for the business: lease, leasing agreement, licences, key customer and supplier contracts<\/li><li>Organisation chart, headcount by category, collective agreements and statement of employees' accrued rights<\/li><\/ul><\/div>\n  <div class=\"kcv-or\" aria-hidden=\"true\">or<\/div>\n  <div class=\"kcv-opt kcv-opt-b\"><p class=\"kcv-opt-k\">Position B<\/p><p class=\"kcv-opt-t\">You are a candidate for the takeover<\/p><ul><li>Letter of interest, signed confidentiality undertaking and list of the information requested<\/li><li>Accounts for the last three financial years and forecast accounts where you are required to prepare them<\/li><li>Financing plan for the takeover: equity, loans, guarantors and timetable for making funds available<\/li><li>Draft offer setting out the scope, price, employment, guarantees and duration of the commitments<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Do not pass any sensitive data to a candidate before a written confidentiality undertaking is signed, and do not promise any price or employment before the conciliator has organised a verifiable competitive process.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Ad hoc mandate and conciliation<\/li><li>Judicial reorganisation<\/li><li>Business sale agreement<\/li><li>Confidentiality agreement<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Checking feasibility, organising a confidential search and putting an admissible offer to the court.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 1<\/p><h3>Measuring the time available<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm reconstructs the probable date of cessation of payments, the cash position over the coming weeks and the blocking deadlines, because the pre-pack presupposes an amicable phase opened in time.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Requesting the sale mission<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The application to the president of the court sets out the situation, proposes a conciliator where appropriate, and requests the mission to organise the sale provided for by Article L. 611-7 of the Commercial Code.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Preparing the offer and the selection<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm takes part in assembling the information sent to candidates, in drafting the confidentiality undertakings and in checking the legal content of the offers received.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Defending the offer at the hearing<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">After opening, the firm prepares submissions on the offers, on the transfer of contracts and employees, and on the points for discussion with the administrator, the creditors' representative and the prosecution service.<\/p><\/div><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>A pre-pack is not just a matter of finding a buyer. The court assesses the sincerity of the search, the content of the offer and its effect on employment and creditors, which is prepared from the amicable phase onwards.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>The timeline <em>of a pre-pack sale<\/em><\/h2>\n<p class=\"kcv-lead\">From the decision to sell to the judgment adopting the sale plan.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Feasibility diagnosis<\/p><p><strong>Before any application.<\/strong> Date of cessation of payments, cash requirement, assets that can be sold and the likely interest of identified buyers.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Opening of the conciliation<\/p><p>Application to the president of the court, appointment of the conciliator for four months at most, extendable to five months in total, and sale mission.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Confidential search<\/p><p>Circulation of an anonymised presentation, signature of confidentiality undertakings, candidates' access to information and site visits.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Selection of the offer<\/p><p>Comparison of the offers on price, employment, financing and guarantees, and conciliator's report on the steps taken.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Opening judgment<\/p><p>Opening of safeguard, judicial reorganisation or liquidation proceedings, with a hearing to examine the offers set where the court considers it possible.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Hearing and sale plan<\/p><p>Examination of the offers, opinion of the prosecution service and of the bodies of the proceedings, then judgment adopting the plan, transfer of contracts and taking of possession.<\/p><\/li><\/ol><\/div><div class=\"kcv-slide\" id=\"kcv-p5\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p5\" tabindex=\"-1\">\n<p class=\"kk\">The checks<\/p>\n<h2>What the firm checks <em>before launching the pre-pack<\/em><\/h2>\n<p class=\"kcv-lead\">A prepared sale that does not withstand the court's scrutiny loses the time it was meant to save.<\/p>\n<div class=\"kcv-split\">\n  <ul class=\"kcv-check\"><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Date of cessation of payments: forty-five days at most to gain access to conciliation, and proof of the facts relied on.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Candidate's status as a third party: no management link, family tie or use of an intermediary within the meaning of Article L. 642-3 of the Commercial Code.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Publicity given to the search: number of candidates approached, channels used and traceability of exchanges, with a view to the review provided for by Article R. 642-40.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Content of the offer: assets, contracts, price, financing, employment, guarantees and duration of commitments, in accordance with paragraph II of Article L. 642-2.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Position of security interests, the lease and leasing agreements: allocation of the price, contracts to be assigned and conditions fixed on the day of opening.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Situation, evidence, <em>response<\/em><\/h2>\n<p class=\"kcv-lead\">The usual scenarios determine the first priority of the case.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Director anticipating cessation of payments<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Cash plan, recent accounts and list of creditors whose debts are due.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Act while conciliation remains open and the business retains its value.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Application for conciliation with a sale mission within the meaning of Article L. 611-7.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Business recently in cessation of payments<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Date of the first unpaid debts, available assets and due liabilities documented.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Forty-five days at most since cessation of payments for conciliation.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Prompt conciliation, or a declaration of cessation of payments accompanied by a proposed sale.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Candidate approached by the conciliator<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Confidentiality undertaking, information received and financing plan.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Complete offer before the date set, amendments no later than two business days before the hearing.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Draft an offer that complies with paragraph II of Article L. 642-2 and quantify the commitments.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Director wishing to take over<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Material showing the benefit of the offer for employment and the search for other candidates.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Application by the public prosecutor before the examination hearing.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Set out to the prosecution service the grounds for a derogation from Article L. 642-3.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Minority shareholder kept out<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Articles of association, shareholders' agreement and specific evidence of any fraud.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before the hearing, because the avenues of challenge after judgment are very limited.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Put forward one's submissions during the proceedings rather than relying on third-party opposition.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Landlord, lessor under a leasing agreement or secured creditor<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Contract, registration of the security interest and statement of sums due.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Submissions to be sent before the hearing that rules on the assigned contracts.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Argue the allocation of the price and the conditions for the compulsory assignment of the contract.<\/p><\/div><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-faq\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-faq\" tabindex=\"-1\">\n<p class=\"kk\">Frequently asked questions<\/p>\n<h2>Your questions: <em>pre-pack sale<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">13 questions<\/p>\n    <p class=\"kcv-act-t\">A situation not listed here?<\/p>\n    <p class=\"kcv-act-p\">Every case has its own features. The firm reads your documents before answering you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><\/div>\n  <\/aside>\n  <div class=\"kcv-faq\"><details><summary>What is a pre-pack sale and what legislation is it based on?<\/summary><div class=\"a\"><p>A pre-pack sale is a sale of a business prepared during an amicable procedure and completed in collective insolvency proceedings opened afterwards. The conciliator may be instructed, at the debtor's request and after hearing the participating creditors, to organise the partial or total sale of the business, which may then be carried out in safeguard, judicial reorganisation or judicial liquidation proceedings (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-7 of the French Commercial Code<\/a>). The ad hoc agent may be given a comparable mission, since the president of the court freely determines its purpose (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-3 of the Commercial Code<\/a>).<\/p><p>The second stage takes place before the court. Where the offers gathered during the amicable phase meet the legal conditions and are satisfactory, the court may decide not to open a new period for submitting offers (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). It then sets an examination hearing, and other candidates may still come forward up to eight days before it (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-1 of the Commercial Code<\/a>). The advantage of the method lies in speed: the takeover takes place before the collective proceedings have damaged the customer base, the suppliers and the teams. The firm first checks whether this timetable is compatible with the business's actual cash position.<\/p><\/div><\/details><details><summary>Must you go through an ad hoc mandate or conciliation to prepare the sale?<\/summary><div class=\"a\"><p>Both routes are covered by Article L. 642-2 of the Commercial Code, which takes into account the offers made through the steps taken by the ad hoc agent as well as by the conciliator (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). The choice depends chiefly on the cash position and the degree of urgency. Conciliation is opened for four months at most, extendable by reasoned decision provided the total duration does not exceed five months, except where it is prolonged until the decision when a request for recording or approval was made in time (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052540\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052540\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-6 of the Commercial Code<\/a>). This time frame imposes a tight timetable, but it matches the pace of a sale process.<\/p><p>The ad hoc mandate has no equally strict legal duration and its mission is set by the president of the court (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-3 of the Commercial Code<\/a>). It is better suited to a less pressing situation, or to a preparatory search before a conciliation. Conciliation, by contrast, offers an express provision on the sale mission (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-7 of the Commercial Code<\/a>) and makes it possible to apply for grace periods against a creditor who pursues enforcement during the negotiation. In both cases, the agent or conciliator must not have received remuneration from the debtor or a creditor in the preceding twenty-four months, subject to statutory exceptions (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178134\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178134\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-13 of the Commercial Code<\/a>). The firm compares these parameters with the date of cessation of payments before drafting the application.<\/p><\/div><\/details><details><summary>Can a pre-pack sale be prepared if the business is already in cessation of payments?<\/summary><div class=\"a\"><p>Yes, within a precise limit. Conciliation remains open to debtors that have not been in cessation of payments for more than forty-five days (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217170\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217170\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-4 of the Commercial Code<\/a>). Beyond that, conciliation can no longer be requested and the sale is prepared within the collective proceedings themselves, in principle within the period for submitting offers set by the court. The date of cessation of payments therefore becomes the first fact to establish, together with the documents that support it.<\/p><p>Where the conciliation produces an offer and cessation of payments is established, the debtor applies for the opening of judicial reorganisation or judicial liquidation. The commercial court of Aix-en-Provence opened a judicial reorganisation, noting that the conciliator's mission was to organise a sale and holding that, in order \u201cto preserve the value of the business, the jobs and the activity, a rapid sale is necessary\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a72ef00195da062e09f6c2c\" target=\"_blank\" rel=\"noopener\">TC Aix-en-Provence, 3 August 2026, No. 2026010335<\/a>). In the same judgment it set the date for examining the offers. This decision illustrates the sequence sought, but each court assesses the situation and the quality of the steps taken. The firm helps to reconstruct the chronology and to present the court with a coherent file from the time of the declaration.<\/p><\/div><\/details><details><summary>How is confidentiality preserved during the search for buyers?<\/summary><div class=\"a\"><p>Anyone called to the conciliation procedure or the ad hoc mandate, or who learns of it through their duties, is bound by confidentiality (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006235342\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006235342\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-15 of the Commercial Code<\/a>). The debtor is not required to inform the social and economic committee of the appointment of an ad hoc agent (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 611-3 of the Commercial Code<\/a>). This discretion protects the value of the business during the search: it limits the spread of news of the difficulties, while leaving room for the exchanges that are necessary with creditors, counterparties and candidates.<\/p><p>This protection has limits that need to be managed. Prospective buyers are not always bound by the text, which justifies a written confidentiality undertaking before any sensitive data is shared. The firm can draft that undertaking, define the information disclosed in stages and trace access. Confidentiality then gives way before the court: where the mission was to organise a sale, the ad hoc agent or the conciliator reports on the steps taken to receive offers, notwithstanding Article L. 611-15 (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). The conciliator's report must therefore be readable by the court and the prosecution service without difficulty, which presupposes a documented search from the outset.<\/p><\/div><\/details><details><summary>Can the court adopt the sale without a new call for offers?<\/summary><div class=\"a\"><p>It may, but is not obliged to. Article L. 642-2 allows the court not to set a new deadline for submissions where the offers gathered by the ad hoc agent or the conciliator meet the legal conditions and are satisfactory, after hearing the public prosecutor (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). The judge must still satisfy themselves that, given the nature of the business, those steps gave sufficient publicity to the preparation of the sale (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-40 of the Commercial Code<\/a>).<\/p><p>The court then sets the date of the examination hearing and other offers may reach the administrator or the liquidator up to eight days before that date (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-1 of the Commercial Code<\/a>). Competition is therefore not removed, only compressed in time. Conversely, an isolated offer whose price appears unrelated to the value of the assets exposes the process to a call for offers. The commercial court of Dijon, faced with a proposal of 15,000 euros when the inventory valued the tangible assets alone far higher, appointed an administrator and ordered a call for offers (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a2e1a1ecdc6046d473c12eb\" target=\"_blank\" rel=\"noopener\">TC Dijon, 19 May 2026, No. 2026002444<\/a>). That decision, unfavourable to the author of the offer, shows that speed does not excuse a defensible price. The firm checks the consistency between the offer and the valuations available.<\/p><\/div><\/details><details><summary>Can a buyer withdraw or amend its offer after opening?<\/summary><div class=\"a\"><p>No, in principle. The offer may be neither amended, except in a way more favourable to the objectives of the sale, nor withdrawn, and it binds its author until the court's decision adopting the plan; in the event of an appeal, only the transferee remains bound (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-2 of the Commercial Code<\/a>). The commercial court of Angers, opening a judicial reorganisation to carry out a pre-pack sale, recalled that the offers gathered by the conciliator are subject to this rule and set the timetable for improving the offers (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aca1976c27382d0998f4732\" target=\"_blank\" rel=\"noopener\">TC Angers, 7 October 2026, No. 2026011752<\/a>).<\/p><p>Permitted amendments must observe a deadline: none may be made less than two business days before the hearing to examine the offers, on pain of inadmissibility (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 642-1 of the Commercial Code<\/a>). The author of the offer also certifies that it is not subject to the disqualifications of Article L. 642-3 and attaches, where it is required to prepare them, its annual accounts for the last three financial years and its forecast accounts. For the candidate, this means that the offer submitted during the conciliation must already be financed and quantified with caution. Conditions precedent, guarantees and the right of substitution must be written precisely, because they bind their author before the court. The firm reviews the offer before it is filed and flags commitments whose scope should be reduced.<\/p><\/div><\/details><details><summary>Can the director or a shareholder buy the business in a pre-pack?<\/summary><div class=\"a\"><p>For the director, the principle is prohibition. Neither the debtor, nor the de jure or de facto directors, nor their relatives or in-laws up to the second degree, nor the supervisors may submit an offer, directly or through an intermediary; the court may nevertheless authorise a sale to a director or a relative, on the application of the public prosecutor, by a specially reasoned judgment after seeking the supervisors' opinion, but never to the debtor or the supervisors (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-3 of the Commercial Code<\/a>). In safeguard proceedings, the derogation follows the same conditions and exclusions, after hearing the public prosecutor (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028723991\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028723991\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-1 of the Commercial Code<\/a>).<\/p><p>The economic activities court of Paris used this derogation in favour of former directors, noting that it \u201cdecides to authorise the sale in order to avoid the destructive consequences of a liquidation that would be manifestly less favourable\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a518ca293c619cd1fb405e2\" target=\"_blank\" rel=\"noopener\">TAE Paris, ch. 2-2, 7 July 2026, No. 2026045334<\/a>). The Paris court of appeal, by contrast, held that \u201cit follows from the spirit of this text that the conflict of interest, from which the prohibition derives, may also exist with the former director\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67665b516a185242033f53e5\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 12 December 2024, No. 24\/10762<\/a>), for an offer of eleven euros for two patents sold separately, outside a sale plan. For its part, the Court of Cassation holds that former status as de jure director is not enough, absent fraud, to bar the offer (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6079e3929ba5988459c5c227\" target=\"_blank\" rel=\"noopener\">Cass. com., 23 September 2014, No. 13-19.713<\/a>), which does not rule out examining whether de facto management exists. A mere shareholder, who is neither a director nor an intermediary, is not covered. The firm examines the candidate's status and, if necessary, prepares the request to the prosecution service.<\/p><\/div><\/details><details><summary>What happens to employees and employment contracts?<\/summary><div class=\"a\"><p>The court selects the offer that most durably secures the employment attached to the business sold, payment of the creditors and the best guarantees of performance (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-5 of the Commercial Code<\/a>). Where the plan provides for redundancies on economic grounds, it may be adopted only after the consultation required by the Labour Code, and the opinion of the social and economic committee is given no later than the business day before the hearing. The plan specifies the redundancies that take place within the month following the judgment.<\/p><p>The contracts of employees whose jobs are maintained are transferred to the transferee designated by the judgment. The employment chamber of the Court of Cassation draws a clear consequence in the event of unauthorised substitution: \u201cthe employment contracts of the employees of the business sold whose jobs are maintained by the plan are automatically transferred to the transferee\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/65b9f0808452800008b2b341\" target=\"_blank\" rel=\"noopener\">Cass. soc., 31 January 2024, No. 22-10.276<\/a>). Any substitution must indeed be authorised by the court in the judgment adopting the plan (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053012\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053012\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-9 of the Commercial Code<\/a>). For the buyer, the company that will carry the business must therefore be named in the offer, with an express right of substitution. The firm checks these provisions and the accrued rights taken over before the hearing.<\/p><\/div><\/details><details><summary>Do commercial contracts, the lease and the leasing agreement follow the takeover?<\/summary><div class=\"a\"><p>The court determines the leasing, hire or supply contracts for goods or services necessary to keep the business going, in light of the counterparties' submissions; the judgment adopting the plan carries the assignment of those contracts, which must be performed on the terms in force on the day the proceedings opened (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587582\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587582\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-7 of the Commercial Code<\/a>). Any clause requiring the assignee of a lease to be jointly liable with the assignor is deemed unwritten.<\/p><p>The same provision allows the court, after hearing or summoning the landlord, to authorise the buyer to add related or complementary activities to those provided for in the commercial lease. On assignment of a leasing agreement, the purchase option may be exercised only after payment of the sums remaining due, up to the value of the asset fixed by agreement or by the court. The pre-pack makes it possible to prepare these points during the conciliation: list of essential contracts, exchanges with the main counterparties, identification of the contracts the buyer refuses. The counterparty whose contract is assigned may appeal only against the part of the judgment that carries that assignment (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 661-6 of the Commercial Code<\/a>). The firm helps the director and the candidate settle a realistic list before the offer is filed.<\/p><\/div><\/details><details><summary>What happens to creditors holding security interests?<\/summary><div class=\"a\"><p>For assets subject to a specific security interest, the court allocates to each a share of the price, the full payment of which discharges the registrations (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-12 of the Commercial Code<\/a>). The Court of Cassation recalls that \u201cthe court adopting the sale plan must determine the share of the sale price allocated to assets subject to a special preferential right, a pledge, a lien or a mortgage\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/64895b0e6926a605db238d64\" target=\"_blank\" rel=\"noopener\">Cass. com., 14 June 2023, No. 21-15.864<\/a>), the omission having no consequence where the sale covers only the business that was pledged.<\/p><p>The burden of specific security interests in rem securing a loan granted to finance the asset sold passes to the transferee, who pays the creditor that duly declared its claim the instalments falling due from the transfer of ownership, unless otherwise agreed; in its wording in force since 1 October 2021, the text adds that the debtor is released from those instalments (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 642-12 of the Commercial Code<\/a>). Under the earlier wording, the Court of Cassation held that this transfer \u201cdoes not amount to novation by substitution of debtor\u201d and that the creditor \u201cmay exercise this right against the defaulting transferee, within the limit of the instalments unpaid after the sale\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca75307d14326242d83d71\" target=\"_blank\" rel=\"noopener\">Cass. com., 20 March 2019, No. 17-29.009<\/a>). That outcome, unfavourable to the transferee, rested on the debtor's debt remaining in place. The author of the offer who has substituted a company does not thereby guarantee its payment, since \u201cit does not guarantee to the creditor performance of the statutory obligation on the transferee to pay the instalments of the transferred loan, unless it has given a personal undertaking\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca797eb65b4267968f32ba\" target=\"_blank\" rel=\"noopener\">Cass. com., 30 January 2019, No. 17-15.036<\/a>). The firm quantifies these burdens before the offer.<\/p><\/div><\/details><details><summary>What challenges are available against the judgment adopting the sale plan?<\/summary><div class=\"a\"><p>The avenues of challenge are deliberately limited. An appeal against the judgment adopting or rejecting the sale plan is open only to the debtor, the public prosecutor, the transferee where the plan imposes burdens on it other than its commitments, and the counterparty solely in respect of the assignment of its contract (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 661-6 of the Commercial Code<\/a>). Third-party opposition and appeal to the Court of Cassation are barred, except for an appeal by the public prosecutor, the Court of Cassation reserving only the case of excess of power (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053069\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053069\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 661-7 of the Commercial Code<\/a>). The debtor itself must show an interest: the Court of Cassation states that \u201calthough the debtor has standing to appeal against the judgment adopting the sale plan, it must also show a personal interest in pursuing that avenue of appeal\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca645f2c27f04cd3745923\" target=\"_blank\" rel=\"noopener\">Cass. com., 23 October 2019, No. 18-21.125<\/a>), an outcome unfavourable to a debtor whose appeal defended only the interests of its director-guarantor and of an unsuccessful candidate.<\/p><p>A shareholder who contests a pre-pack runs into the same limits. The Paris court of appeal declared inadmissible the third-party opposition of a shareholder excluded by a pre-pack, holding that \u201ca shareholder is in principle barred from bringing third-party opposition against the judgment adopting the sale plan since it is deemed to be represented in the proceedings by the debtor company, save in cases of fraud\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67ac3c6d011b1deed94932ba\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 11 February 2025, No. 24\/16960<\/a>). The court added that third-party opposition is admissible only if an excess of power by the court is shown, which a failure to give reasons does not constitute. Its submissions must therefore be made before the judgment. The firm assesses that window as soon as the plan is announced.<\/p><\/div><\/details><details><summary>Can the conciliator then become court-appointed administrator?<\/summary><div class=\"a\"><p>Pre-pack practice often leads to a proposal that the conciliator, who knows the business and the candidates, be appointed administrator after opening. The Commercial Code allows this, but with a check: where proceedings are opened against a debtor that has had an ad hoc mandate or a conciliation in the preceding eighteen months, the public prosecutor may object to the ad hoc agent or the conciliator being appointed administrator or creditors' representative (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052575\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 621-4 of the Commercial Code<\/a>). The debtor may put forward the name of one or more administrators.<\/p><p>In judicial reorganisation, a court that considers a sale feasible appoints an administrator, if one has not already been appointed, to prepare and carry out the sale (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984219\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984219\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-21-1 of the Commercial Code<\/a>). Third-party offers may be submitted to the administrator from the opening (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052862\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052862\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-13 of the Commercial Code<\/a>). In the case decided by the Paris court of appeal in February 2025, the judgment records, in its summary of the grounds, that the same firm had acted as conciliator and then as administrator, and the court declared inadmissible the third-party opposition directed against the plan (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67ac3c6d011b1deed94932ba\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 11 February 2025, No. 24\/16960<\/a>). Continuity of the office-holders speeds up the hearing, but it makes the quality of the search carried out during the conciliation more visible. The firm prepares the material that will allow the prosecution service to assess that appointment.<\/p><\/div><\/details><details><summary>What does the European directive on pre-negotiated sales change?<\/summary><div class=\"a\"><p><a href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2026\/799\/oj\/fra\" target=\"_blank\" rel=\"noopener\">Directive (EU) 2026\/799 of 30 March 2026<\/a> harmonises certain aspects of insolvency law. Its Title IV sets up a pre-negotiated sale procedure in two phases: a preparation phase intended to find a purchaser, then a liquidation phase that approves and carries out the sale. Member States must make it available at least for debtors likely to become insolvent (Article 21).<\/p><p>The directive requires the sale process in the preparation phase to be competitive, transparent, fair and consistent with market standards, under the supervision of a monitor (Article 24). Member States have until 22 January 2029 to adopt the necessary provisions (Article 55). In their version in force on 1 November 2026, as checked on L\u00e9gifrance, Articles L. 611-7, L. 642-2 and R. 642-40 of the Commercial Code remain the provisions that govern the pre-pack sale. The European text nevertheless sheds light on the transparency requirements that the courts already examine. A documented search, open to several candidates and traced by the conciliator, is consistent with those objectives, without prejudging the precise requirements that the transposing law will set. The firm is following the transposition and will adapt how files are prepared once the new rules are adopted and in force.<\/p><\/div><\/details><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-textes\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-textes\" tabindex=\"-1\">\n<p class=\"kk\">Sources and related pages<\/p>\n<h2>Official texts and <em>related pages<\/em><\/h2>\n<p class=\"kcv-lead\">The sources for this page and the firm's related areas of practice.<\/p>\n<div class=\"kcv-arts\"><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052544\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 611-7 of the Commercial Code<\/span><span class=\"kcv-art-t\">sale mission entrusted to the conciliator<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052542\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 611-3 of the Commercial Code<\/span><span class=\"kcv-art-t\">appointment and mission of the ad hoc agent<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217170\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217170\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 611-4 of the Commercial Code<\/span><span class=\"kcv-art-t\">access to conciliation<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052540\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052540\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 611-6 of the Commercial Code<\/span><span class=\"kcv-art-t\">application and duration of the conciliation<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006235342\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006235342\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 611-15 of the Commercial Code<\/span><span class=\"kcv-art-t\">confidentiality<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 642-2 of the Commercial Code<\/span><span class=\"kcv-art-t\">offers, exemption from a call for offers, irrevocability<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180353\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article R. 642-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">examination hearing and eight-day period<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045921279\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article R. 642-40 of the Commercial Code<\/span><span class=\"kcv-art-t\">sufficient publicity for the preparation<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000023217242\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 642-3 of the Commercial Code<\/span><span class=\"kcv-art-t\">persons excluded from the takeover<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053022\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 642-5 of the Commercial Code<\/span><span class=\"kcv-art-t\">choice of offer and effects of the judgment<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587582\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587582\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 642-7 of the Commercial Code<\/span><span class=\"kcv-art-t\">contracts assigned with the business<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044053028\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 642-12 of the Commercial Code<\/span><span class=\"kcv-art-t\">security interests and allocation of the price<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000033462087\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 661-6 of the Commercial Code<\/span><span class=\"kcv-art-t\">appeal against the judgment adopting the plan<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art\" href=\"https:\/\/eur-lex.europa.eu\/eli\/dir\/2026\/799\/oj\/fra\" target=\"_blank\" rel=\"noopener\"><span class=\"kcv-art-n\">Directive (EU) 2026\/799<\/span><span class=\"kcv-art-t\">Title IV, pre-negotiated sale, to be transposed by 22 January 2029<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/\"><span class=\"kcv-pg-t\">Business law<\/span><span class=\"kcv-pg-s\">Firm expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/distressed-business-lawyer\/\"><span class=\"kcv-pg-t\">Businesses in difficulty<\/span><span class=\"kcv-pg-s\">Firm expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/insolvency-proceedings-lawyer\/\"><span class=\"kcv-pg-t\">Insolvency proceedings<\/span><span class=\"kcv-pg-s\">Firm expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/business-sale-agreement-lawyer\/\"><span class=\"kcv-pg-t\">Business sale agreement<\/span><span class=\"kcv-pg-s\">Firm expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/nda-lawyer-paris\/\"><span class=\"kcv-pg-t\">Confidentiality agreement<\/span><span class=\"kcv-pg-s\">Firm expertise<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 1 November 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>A sale to prepare before opening? <em>Take stock today<\/em>.<\/h2>\n      <p>Send the accounts, the cash position, the list of creditors and the expressions of interest received: the firm will check whether the pre-pack is still open and what needs to be prepared for the court.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<div class=\"kcv-news-band\"><h2>The latest <em>news.<\/em><\/h2><\/div>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"What is a pre-pack sale and what legislation is it based on?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A pre-pack sale is a sale of a business prepared during an amicable procedure and completed in collective insolvency proceedings opened afterwards. The conciliator may be instructed, at the debtor's request and after hearing the participating creditors, to organise the partial or total sale of the business, which may then be carried out in safeguard, judicial reorganisation or judicial liquidation proceedings (Article L. 611-7 of the French Commercial Code). The ad hoc agent may be given a comparable mission, since the president of the court freely determines its purpose (Article L. 611-3 of the Commercial Code). The second stage takes place before the court. Where the offers gathered during the amicable phase meet the legal conditions and are satisfactory, the court may decide not to open a new period for submitting offers (Article L. 642-2 of the Commercial Code). It then sets an examination hearing, and other candidates may still come forward up to eight days before it (Article R. 642-1 of the Commercial Code). The advantage of the method lies in speed: the takeover takes place before the collective proceedings have damaged the customer base, the suppliers and the teams. The firm first checks whether this timetable is compatible with the business's actual cash position.\"}}, {\"@type\": \"Question\", \"name\": \"Must you go through an ad hoc mandate or conciliation to prepare the sale?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Both routes are covered by Article L. 642-2 of the Commercial Code, which takes into account the offers made through the steps taken by the ad hoc agent as well as by the conciliator (Article L. 642-2 of the Commercial Code). The choice depends chiefly on the cash position and the degree of urgency. Conciliation is opened for four months at most, extendable by reasoned decision provided the total duration does not exceed five months, except where it is prolonged until the decision when a request for recording or approval was made in time (Article L. 611-6 of the Commercial Code). This time frame imposes a tight timetable, but it matches the pace of a sale process. The ad hoc mandate has no equally strict legal duration and its mission is set by the president of the court (Article L. 611-3 of the Commercial Code). It is better suited to a less pressing situation, or to a preparatory search before a conciliation. Conciliation, by contrast, offers an express provision on the sale mission (Article L. 611-7 of the Commercial Code) and makes it possible to apply for grace periods against a creditor who pursues enforcement during the negotiation. In both cases, the agent or conciliator must not have received remuneration from the debtor or a creditor in the preceding twenty-four months, subject to statutory exceptions (Article L. 611-13 of the Commercial Code). The firm compares these parameters with the date of cessation of payments before drafting the application.\"}}, {\"@type\": \"Question\", \"name\": \"Can a pre-pack sale be prepared if the business is already in cessation of payments?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, within a precise limit. Conciliation remains open to debtors that have not been in cessation of payments for more than forty-five days (Article L. 611-4 of the Commercial Code). Beyond that, conciliation can no longer be requested and the sale is prepared within the collective proceedings themselves, in principle within the period for submitting offers set by the court. The date of cessation of payments therefore becomes the first fact to establish, together with the documents that support it. Where the conciliation produces an offer and cessation of payments is established, the debtor applies for the opening of judicial reorganisation or judicial liquidation. The commercial court of Aix-en-Provence opened a judicial reorganisation, noting that the conciliator's mission was to organise a sale and holding that, in order \u201cto preserve the value of the business, the jobs and the activity, a rapid sale is necessary\u201d (our translation) (TC Aix-en-Provence, 3 August 2026, No. 2026010335). In the same judgment it set the date for examining the offers. This decision illustrates the sequence sought, but each court assesses the situation and the quality of the steps taken. The firm helps to reconstruct the chronology and to present the court with a coherent file from the time of the declaration.\"}}, {\"@type\": \"Question\", \"name\": \"How is confidentiality preserved during the search for buyers?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Anyone called to the conciliation procedure or the ad hoc mandate, or who learns of it through their duties, is bound by confidentiality (Article L. 611-15 of the Commercial Code). The debtor is not required to inform the social and economic committee of the appointment of an ad hoc agent (Article L. 611-3 of the Commercial Code). This discretion protects the value of the business during the search: it limits the spread of news of the difficulties, while leaving room for the exchanges that are necessary with creditors, counterparties and candidates. This protection has limits that need to be managed. Prospective buyers are not always bound by the text, which justifies a written confidentiality undertaking before any sensitive data is shared. The firm can draft that undertaking, define the information disclosed in stages and trace access. Confidentiality then gives way before the court: where the mission was to organise a sale, the ad hoc agent or the conciliator reports on the steps taken to receive offers, notwithstanding Article L. 611-15 (Article L. 642-2 of the Commercial Code). The conciliator's report must therefore be readable by the court and the prosecution service without difficulty, which presupposes a documented search from the outset.\"}}, {\"@type\": \"Question\", \"name\": \"Can the court adopt the sale without a new call for offers?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"It may, but is not obliged to. Article L. 642-2 allows the court not to set a new deadline for submissions where the offers gathered by the ad hoc agent or the conciliator meet the legal conditions and are satisfactory, after hearing the public prosecutor (Article L. 642-2 of the Commercial Code). The judge must still satisfy themselves that, given the nature of the business, those steps gave sufficient publicity to the preparation of the sale (Article R. 642-40 of the Commercial Code). The court then sets the date of the examination hearing and other offers may reach the administrator or the liquidator up to eight days before that date (Article R. 642-1 of the Commercial Code). Competition is therefore not removed, only compressed in time. Conversely, an isolated offer whose price appears unrelated to the value of the assets exposes the process to a call for offers. The commercial court of Dijon, faced with a proposal of 15,000 euros when the inventory valued the tangible assets alone far higher, appointed an administrator and ordered a call for offers (TC Dijon, 19 May 2026, No. 2026002444). That decision, unfavourable to the author of the offer, shows that speed does not excuse a defensible price. The firm checks the consistency between the offer and the valuations available.\"}}, {\"@type\": \"Question\", \"name\": \"Can a buyer withdraw or amend its offer after opening?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No, in principle. The offer may be neither amended, except in a way more favourable to the objectives of the sale, nor withdrawn, and it binds its author until the court's decision adopting the plan; in the event of an appeal, only the transferee remains bound (Article L. 642-2 of the Commercial Code). The commercial court of Angers, opening a judicial reorganisation to carry out a pre-pack sale, recalled that the offers gathered by the conciliator are subject to this rule and set the timetable for improving the offers (TC Angers, 7 October 2026, No. 2026011752). Permitted amendments must observe a deadline: none may be made less than two business days before the hearing to examine the offers, on pain of inadmissibility (Article R. 642-1 of the Commercial Code). The author of the offer also certifies that it is not subject to the disqualifications of Article L. 642-3 and attaches, where it is required to prepare them, its annual accounts for the last three financial years and its forecast accounts. For the candidate, this means that the offer submitted during the conciliation must already be financed and quantified with caution. Conditions precedent, guarantees and the right of substitution must be written precisely, because they bind their author before the court. The firm reviews the offer before it is filed and flags commitments whose scope should be reduced.\"}}, {\"@type\": \"Question\", \"name\": \"Can the director or a shareholder buy the business in a pre-pack?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"For the director, the principle is prohibition. Neither the debtor, nor the de jure or de facto directors, nor their relatives or in-laws up to the second degree, nor the supervisors may submit an offer, directly or through an intermediary; the court may nevertheless authorise a sale to a director or a relative, on the application of the public prosecutor, by a specially reasoned judgment after seeking the supervisors' opinion, but never to the debtor or the supervisors (Article L. 642-3 of the Commercial Code). In safeguard proceedings, the derogation follows the same conditions and exclusions, after hearing the public prosecutor (Article L. 626-1 of the Commercial Code). The economic activities court of Paris used this derogation in favour of former directors, noting that it \u201cdecides to authorise the sale in order to avoid the destructive consequences of a liquidation that would be manifestly less favourable\u201d (our translation) (TAE Paris, ch. 2-2, 7 July 2026, No. 2026045334). The Paris court of appeal, by contrast, held that \u201cit follows from the spirit of this text that the conflict of interest, from which the prohibition derives, may also exist with the former director\u201d (our translation) (CA Paris, p\u00f4le 5 ch. 9, 12 December 2024, No. 24\/10762), for an offer of eleven euros for two patents sold separately, outside a sale plan. For its part, the Court of Cassation holds that former status as de jure director is not enough, absent fraud, to bar the offer (Cass. com., 23 September 2014, No. 13-19.713), which does not rule out examining whether de facto management exists. A mere shareholder, who is neither a director nor an intermediary, is not covered. The firm examines the candidate's status and, if necessary, prepares the request to the prosecution service.\"}}, {\"@type\": \"Question\", \"name\": \"What happens to employees and employment contracts?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The court selects the offer that most durably secures the employment attached to the business sold, payment of the creditors and the best guarantees of performance (Article L. 642-5 of the Commercial Code). Where the plan provides for redundancies on economic grounds, it may be adopted only after the consultation required by the Labour Code, and the opinion of the social and economic committee is given no later than the business day before the hearing. The plan specifies the redundancies that take place within the month following the judgment. The contracts of employees whose jobs are maintained are transferred to the transferee designated by the judgment. The employment chamber of the Court of Cassation draws a clear consequence in the event of unauthorised substitution: \u201cthe employment contracts of the employees of the business sold whose jobs are maintained by the plan are automatically transferred to the transferee\u201d (our translation) (Cass. soc., 31 January 2024, No. 22-10.276). Any substitution must indeed be authorised by the court in the judgment adopting the plan (Article L. 642-9 of the Commercial Code). For the buyer, the company that will carry the business must therefore be named in the offer, with an express right of substitution. The firm checks these provisions and the accrued rights taken over before the hearing.\"}}, {\"@type\": \"Question\", \"name\": \"Do commercial contracts, the lease and the leasing agreement follow the takeover?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The court determines the leasing, hire or supply contracts for goods or services necessary to keep the business going, in light of the counterparties' submissions; the judgment adopting the plan carries the assignment of those contracts, which must be performed on the terms in force on the day the proceedings opened (Article L. 642-7 of the Commercial Code). Any clause requiring the assignee of a lease to be jointly liable with the assignor is deemed unwritten. The same provision allows the court, after hearing or summoning the landlord, to authorise the buyer to add related or complementary activities to those provided for in the commercial lease. On assignment of a leasing agreement, the purchase option may be exercised only after payment of the sums remaining due, up to the value of the asset fixed by agreement or by the court. The pre-pack makes it possible to prepare these points during the conciliation: list of essential contracts, exchanges with the main counterparties, identification of the contracts the buyer refuses. The counterparty whose contract is assigned may appeal only against the part of the judgment that carries that assignment (Article L. 661-6 of the Commercial Code). The firm helps the director and the candidate settle a realistic list before the offer is filed.\"}}, {\"@type\": \"Question\", \"name\": \"What happens to creditors holding security interests?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"For assets subject to a specific security interest, the court allocates to each a share of the price, the full payment of which discharges the registrations (Article L. 642-12 of the Commercial Code). The Court of Cassation recalls that \u201cthe court adopting the sale plan must determine the share of the sale price allocated to assets subject to a special preferential right, a pledge, a lien or a mortgage\u201d (our translation) (Cass. com., 14 June 2023, No. 21-15.864), the omission having no consequence where the sale covers only the business that was pledged. The burden of specific security interests in rem securing a loan granted to finance the asset sold passes to the transferee, who pays the creditor that duly declared its claim the instalments falling due from the transfer of ownership, unless otherwise agreed; in its wording in force since 1 October 2021, the text adds that the debtor is released from those instalments (Article L. 642-12 of the Commercial Code). Under the earlier wording, the Court of Cassation held that this transfer \u201cdoes not amount to novation by substitution of debtor\u201d and that the creditor \u201cmay exercise this right against the defaulting transferee, within the limit of the instalments unpaid after the sale\u201d (our translation) (Cass. com., 20 March 2019, No. 17-29.009). That outcome, unfavourable to the transferee, rested on the debtor's debt remaining in place. The author of the offer who has substituted a company does not thereby guarantee its payment, since \u201cit does not guarantee to the creditor performance of the statutory obligation on the transferee to pay the instalments of the transferred loan, unless it has given a personal undertaking\u201d (our translation) (Cass. com., 30 January 2019, No. 17-15.036). The firm quantifies these burdens before the offer.\"}}, {\"@type\": \"Question\", \"name\": \"What challenges are available against the judgment adopting the sale plan?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The avenues of challenge are deliberately limited. An appeal against the judgment adopting or rejecting the sale plan is open only to the debtor, the public prosecutor, the transferee where the plan imposes burdens on it other than its commitments, and the counterparty solely in respect of the assignment of its contract (Article L. 661-6 of the Commercial Code). Third-party opposition and appeal to the Court of Cassation are barred, except for an appeal by the public prosecutor, the Court of Cassation reserving only the case of excess of power (Article L. 661-7 of the Commercial Code). The debtor itself must show an interest: the Court of Cassation states that \u201calthough the debtor has standing to appeal against the judgment adopting the sale plan, it must also show a personal interest in pursuing that avenue of appeal\u201d (our translation) (Cass. com., 23 October 2019, No. 18-21.125), an outcome unfavourable to a debtor whose appeal defended only the interests of its director-guarantor and of an unsuccessful candidate. A shareholder who contests a pre-pack runs into the same limits. The Paris court of appeal declared inadmissible the third-party opposition of a shareholder excluded by a pre-pack, holding that \u201ca shareholder is in principle barred from bringing third-party opposition against the judgment adopting the sale plan since it is deemed to be represented in the proceedings by the debtor company, save in cases of fraud\u201d (our translation) (CA Paris, p\u00f4le 5 ch. 8, 11 February 2025, No. 24\/16960). The court added that third-party opposition is admissible only if an excess of power by the court is shown, which a failure to give reasons does not constitute. Its submissions must therefore be made before the judgment. The firm assesses that window as soon as the plan is announced.\"}}, {\"@type\": \"Question\", \"name\": \"Can the conciliator then become court-appointed administrator?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Pre-pack practice often leads to a proposal that the conciliator, who knows the business and the candidates, be appointed administrator after opening. The Commercial Code allows this, but with a check: where proceedings are opened against a debtor that has had an ad hoc mandate or a conciliation in the preceding eighteen months, the public prosecutor may object to the ad hoc agent or the conciliator being appointed administrator or creditors' representative (Article L. 621-4 of the Commercial Code). The debtor may put forward the name of one or more administrators. In judicial reorganisation, a court that considers a sale feasible appoints an administrator, if one has not already been appointed, to prepare and carry out the sale (Article L. 631-21-1 of the Commercial Code). Third-party offers may be submitted to the administrator from the opening (Article L. 631-13 of the Commercial Code). In the case decided by the Paris court of appeal in February 2025, the judgment records, in its summary of the grounds, that the same firm had acted as conciliator and then as administrator, and the court declared inadmissible the third-party opposition directed against the plan (CA Paris, p\u00f4le 5 ch. 8, 11 February 2025, No. 24\/16960). Continuity of the office-holders speeds up the hearing, but it makes the quality of the search carried out during the conciliation more visible. The firm prepares the material that will allow the prosecution service to assess that appointment.\"}}, {\"@type\": \"Question\", \"name\": \"What does the European directive on pre-negotiated sales change?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Directive (EU) 2026\/799 of 30 March 2026 harmonises certain aspects of insolvency law. Its Title IV sets up a pre-negotiated sale procedure in two phases: a preparation phase intended to find a purchaser, then a liquidation phase that approves and carries out the sale. Member States must make it available at least for debtors likely to become insolvent (Article 21). The directive requires the sale process in the preparation phase to be competitive, transparent, fair and consistent with market standards, under the supervision of a monitor (Article 24). Member States have until 22 January 2029 to adopt the necessary provisions (Article 55). In their version in force on 1 November 2026, as checked on L\u00e9gifrance, Articles L. 611-7, L. 642-2 and R. 642-40 of the Commercial Code remain the provisions that govern the pre-pack sale. The European text nevertheless sheds light on the transparency requirements that the courts already examine. A documented search, open to several candidates and traced by the conciliator, is consistent with those objectives, without prejudging the precise requirements that the transposing law will set. The firm is following the transposition and will adapt how files are prepared once the new rules are adopted and in force.\"}}]}<\/script><script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"LegalService\", \"name\": \"Pre-pack sale lawyer in Paris \u2014 Kohen Avocats\", \"url\": \"https:\/\/kohenavocats.fr\/en\/pre-pack-sale-lawyer-paris\/\", \"telephone\": \"+33646605822\", \"email\": \"contact@kohenavocats.fr\", \"address\": {\"@type\": \"PostalAddress\", \"streetAddress\": \"11 rue Margueritte\", \"postalCode\": \"75017\", \"addressLocality\": \"Paris\", \"addressCountry\": \"FR\"}, \"areaServed\": \"Paris region (\u00cele-de-France)\", \"founder\": {\"@type\": \"Person\", \"name\": \"Reda Kohen\", \"jobTitle\": \"Lawyer at the Paris Bar\", \"sameAs\": [\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\"]}, \"openingHours\": \"Mo-Su 00:00-24:00\"}<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div 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class: .elementor-element-bcaeb6b *\/.elementor-1983483 .elementor-element.elementor-element-bcaeb6b {\n    position: absolute;\n    width: 0;\n    height: 0;\n    overflow: hidden;\n    opacity: 0;\n    pointer-events: none;\n  }\/* End custom CSS *\/\n\/* Start custom CSS for container, class: .elementor-element-5bca5836 *\/.elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n  position: relative;\n  box-shadow: 0 2px 4px rgba(0, 0, 0, 0.1);\n  transition: all 1.2s cubic-bezier(0.25, 0.1, 0.25, 1);\n  \n  \/* Interlignage responsive pour le texte contenu *\/\n  line-height: clamp(1.5, 1.4 + 0.2vw, 1.8);\n  \n  \/* R\u00e9duction de la taille du texte normal *\/\n  font-size: 0.9em;\n}\n\/* Assurer que le contenu soit au-dessus des pseudo-\u00e9l\u00e9ments *\/\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 > * {\n  position: relative;\n  z-index: 1;\n}\n\/* Interlignage + r\u00e9duction taille pour les titres *\/\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h1,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h2,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h3,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h4,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h5,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 h6,\n.elementor-1983483 .elementor-element.elementor-element-5bca5836 .elementor-heading-title {\n  line-height: clamp(1.2, 1.15 + 0.1vw, 1.35) !important;\n  font-size: 0.85em !important;\n}\n\/* M\u00e9dia queries pour affiner l'interlignage des titres *\/\n@media (max-width: 768px) {\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n    font-size: 0.85em;\n  }\n  \n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 h1,\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 h2,\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 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\n\n\n\n\n\n\n\n\n\n\n  .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n    flex-shrink: 0 !important;\n    scroll-snap-align: start !important;\n    width: clamp(300px, 30vw, 400px) !important;\n    min-width: 300px !important;\n  }\n\n  @media (max-width: 767px) {\n    .elementor-1983483 .elementor-element.elementor-element-5bca5836 {\n      width: 350px !important;\n      min-width: 350px !important;\n      max-width: 350px !important;\n    }\n  }\/* End custom CSS *\/<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157105 post-2157105 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-business-france-vat-registration-fiscal-representative-challenge-abroad\/\">Your Foreign Business Owes French VAT Without a French Company: Registration, Fiscal Representative and How to Challenge the Bill From Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156702 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156702 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/pawel-czerwinski-mIT9kEQBC6Q-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156702 post-2156702 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-hire-first-employee-dpae-contract-trial-pay-abroad\/\">Hiring Your First French Employee While You Live Abroad: DPAE, Contract, Trial Period, Pay and Registration<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156579 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156579 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/viktor-forgacs-5j8nd3QpRbo-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156579 post-2156579 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-close-dissolution-liquidation-tax-radiation-abroad\/\">Closing Your French Company From Abroad: Voluntary Dissolution, Friendly Liquidation, Tax Clearance and Striking Off<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156527 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156527 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/mohamed-nohassi-vGTXy8FS7b0-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156527 post-2156527 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-subsidiary-insolvent-director-liability-45-days-abroad\/\">Your French Subsidiary Goes Insolvent While You Live Abroad: 45-Day Filing, Director Liability and Sanctions Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. 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