{"id":2161325,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161325"},"modified":"2026-11-04T19:45:50","modified_gmt":"2026-11-04T18:45:50","slug":"judicial-reorganisation-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/judicial-reorganisation-lawyer-paris\/","title":{"rendered":"Judicial reorganisation lawyer in Paris: observation, plan and sale"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161325\" class=\"elementor elementor-2161325 elementor-2160709\" 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-redressement-judiciaire-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\">Company director in judicial reorganisation \u00b7 observation, plan, sale<\/p>\n      <h1 id=\"kch-h1\"><em>Judicial reorganisation lawyer<\/em> in Paris:<span class=\"kcv-tail\"> observation, plan and sale.<\/span><\/h1>\n      <p class=\"kcv-sub\">A judicial reorganisation lawyer in Paris advises a director who, after the opening judgment, stays in place but acts under supervision: acts subject to the supervising judge, shares blocked, the two-month hearing, then a recovery plan or a sale plan. Each stage has its own rules and time limits.<\/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 court rules on whether the observation period continues no later than two months after the opening judgment. Prepare now the cash-flow forecast, the list of useful contracts and the financing commitments.<\/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\">Judicial reorganisation \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the opening judgment, the administrator's mission, the cash-flow forecast and the correspondence with the bodies of the proceedings: the firm will review your room for manoeuvre.<\/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. 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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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l\u2019obligation de d\u00e9livrer un logement d\u00e9cent pendant toute la dur\u00e9e du bail et l\u2019ordonnance du tribunal judiciaire de B\u00e9ziers du 31 mars 2026 sur une climatisation install\u00e9e sans autorisation.\",\"auteur\":\"Science \\u0026 Vie\",\"paraphrase\":true}]},\"frandroid\":{\"nom\":\"Frandroid\",\"articles\":[{\"titre\":\"Fin de Rakuten France : comment r\u00e9cup\u00e9rer vos factures, vos garanties et vos points Club R\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.frandroid.com\/culture-tech\/web\/3266559_fin-de-rakuten-france-comment-recuperer-vos-factures-vos-garanties-et-vos-points-club-r\",\"citation\":\"Le cabinet Kohen Avocats leur conseille de retirer cet argent et de t\u00e9l\u00e9charger tout leur historique avant le 10 novembre.\",\"auteur\":\"Frandroid\",\"paraphrase\":true},{\"titre\":\"Goutte-\u00e0-goutte et inondation : que faire quand la climatisation du voisin ruine votre terrasse 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aria-controls=\"kcv-p1\" 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>judicial reorganisation 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, a lawyer at the Paris Bar, practises business law and can assist the director of a company placed in judicial reorganisation (redressement judiciaire).<\/p>\n    <p class=\"kcv-p\">Judicial reorganisation applies to a business whose available assets no longer cover its debts that have fallen due, the situation that <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178110\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178110\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-1 of the French Commercial Code (Code de commerce)<\/a> calls cessation of payments. The law gives it three aims: saving the business, preserving jobs and settling the debts, through an observation period that must lead to a plan.<\/p>\n    <p class=\"kcv-p\">This page is addressed to the director once the proceedings have been opened. It covers the director's powers during the observation period, the two-month hearing, the plan and its modification, the risk of termination of the plan, and the sale of the business when the plan fails.<\/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>Restricted powers<\/h3><p>The administrator's mission, set by the court under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238111\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238111\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-12 of the Commercial Code<\/a>, determines what the director may still sign alone.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>A plan to be built<\/h3><p>The draft plan is prepared by the administrator with the assistance of the debtor, or by the debtor alone where no administrator has been appointed: forecasts, financing and commitments must be genuine and verifiable.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>A sale on conditions<\/h3><p>The director may not buy back the assets sold, except by a derogation provided for in <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> and granted by a specially reasoned judgment.<\/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>Observation, plan, sale: <em>the rules that govern the director<\/em><\/h2>\n<p class=\"kcv-lead\">Four sets of rules determine the director's room for manoeuvre after the opening judgment.<\/p>\n<ol class=\"kcv-conds\">\n  <li>The opening judgment prohibits payment of pre-opening claims, save by set-off of connected claims, and makes acts of disposal outside day-to-day management, contractual security interests securing a post-opening claim, settlements and compromises subject to the authorisation of the supervising judge (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-7 of the Commercial Code<\/a>). The Court of Cassation strictly reviews the connection relied on to justify a set-off (<a href=\"https:\/\/www.courdecassation.fr\/decision\/69fad6b9cdc6046d47c070e2\" target=\"_blank\" rel=\"noopener\">Cass. com., 6 May 2026, No. 23-23.937<\/a>).<\/li>\n  <li>Within two months of the opening, the court checks that the business can fund the rest of the observation period, and it may order liquidation at any time if reorganisation is manifestly impossible (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052884\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052884\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-15 of the Commercial Code<\/a>). This assessment falls within the sovereign discretion of the trial courts (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca7cbf68ecce6b8d4cd580\" target=\"_blank\" rel=\"noopener\">Cass. com., 19 December 2018, No. 17-27.950<\/a>).<\/li>\n  <li>Outside classes of affected parties, the plan is adopted for ten years at most (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587787\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587787\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-12 of the Commercial Code<\/a>); any substantial modification is for the court (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052681\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052681\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-26<\/a>), and a new cessation of payments during its performance leads to termination of the plan and then liquidation (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-20<\/a>). Funds actually lent and paid over may count towards available assets where their immediate repayment is not required (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63997cb3b7ec7f05d42d8173\" target=\"_blank\" rel=\"noopener\">Cass. com., 14 December 2022, No. 21-17.706<\/a>).<\/li>\n  <li>A sale ordered in reorganisation follows the rules of liquidation, including the prohibition on directors submitting an offer (<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\">Articles L. 631-22<\/a> and <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\">L. 642-3 of the Commercial Code<\/a>). The Court of Cassation applies it to the de facto director (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca5ed410488345eaf93d00\" target=\"_blank\" rel=\"noopener\">Cass. com., 8 January 2020, No. 18-20.270<\/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 date on which the proceedings were opened matters: several provisions of Book VI were rewritten with effect from 1 October 2021, and earlier decisions must be read in light of the version then applicable.<\/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>Documents to gather according to <em>the stage of the proceedings<\/em><\/h2>\n<p class=\"kcv-lead\">The director's file changes in content between the observation period and the performance of the plan.<\/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 are in the observation period<\/p><ul><li>Opening judgment, administrator's mission and orders of the supervising judge<\/li><li>Six-month cash-flow forecast, accounting position and statement of post-opening debts<\/li><li>List of current contracts useful to the business, with rents and due dates<\/li><li>Letters of intent from shareholders, funders or partners for the draft plan<\/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\">The plan has been adopted or a sale is being prepared<\/p><ul><li>Judgment adopting the plan, schedule of annual instalments and correspondence from the plan supervisor<\/li><li>Proof of payment of the instalments and statement of debts incurred since the plan<\/li><li>Application for termination or modification received, with the claims relied on<\/li><li>Takeover offers filed, list of the contracts concerned and commitments of the bidders<\/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 transfer any shares, sign any promise to buy back assets or pay any pre-opening debt without first checking the authorisation required: these acts may be set aside.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Insolvency proceedings<\/li><li>Businesses in difficulty<\/li><li>Bank guarantee<\/li><li>Sale of a business<\/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 the director<\/em><\/h2>\n<p class=\"kcv-lead\">Understanding each party's role, securing the acts, then defending a viable solution before 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>Reading the judgment and the powers<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm reviews the opening judgment, the administrator's mission and the first orders, then draws up the list of acts the director may carry out alone.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Preparing the two-month hearing<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">It checks the cash-flow forecast, the post-opening debts and the contracts to be continued, so that the report presented to the court rests on verifiable figures.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Building or modifying the plan<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">It reviews the forecasts, the financing commitments and the proposed schedule, and prepares the director's observations on the draft or on the application for modification.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Defence in the event of termination or sale<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Faced with an application for termination of the plan, a takeover offer or a request concerning the director's shares, it checks admissibility, time limits and documents before the hearing.<\/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>The director is not the administrator: the director keeps the powers that the mission set by the court does not remove, but the acts listed by law require the administrator's assistance or the supervising judge's authorisation.<\/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 timetable <em>of a reorganisation from the director's viewpoint<\/em><\/h2>\n<p class=\"kcv-lead\">From the opening judgment to the plan, or to a sale where a plan is not possible.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Opening judgment<\/p><p><strong>Day 0.<\/strong> Appointment of the bodies, setting of the administrator's mission and opening of the observation period.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Shares blocked<\/p><p>Directors' shares and securities become non-transferable except on conditions set by the court; equity securities are transferred to a special blocked account and the non-transferability of shares is noted in the registers.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Two-month hearing<\/p><p><strong>Within two months of the opening.<\/strong> The court continues the observation period if the business has sufficient financing capacity; it orders liquidation if reorganisation is manifestly impossible.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Third-party offers<\/p><p>From the opening, third parties may submit to the administrator offers to take over all or part of the business.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Plan or sale<\/p><p><strong>Before the end of the observation period.<\/strong> The court adopts the recovery plan, orders a sale or orders liquidation if no plan can be obtained.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Performance of the plan<\/p><p><strong>Ten years at most, outside classes.<\/strong> Payment of the instalments under the supervision of the plan supervisor, with the possibility of modification by the court.<\/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>for the director<\/em><\/h2>\n<p class=\"kcv-lead\">Each decision the director takes during the proceedings must be capable of being justified by a provision of law and a document.<\/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>The administrator's exact mission: assistance, representation, the acts covered, and any changes made since the opening.<\/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>Nature of the debts: pre-judgment, post-judgment and useful to the business, or post-judgment without priority.<\/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>Financing capacity: cash-flow forecast, announced contributions, bank facilities and time granted by creditors.<\/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>The director's personal situation: shares held directly or indirectly, guarantees given and links with the bidders.<\/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>Time limits for challenge: for the debtor, appeal against the judgment adopting the sale plan within ten days of its delivery.<\/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\">Six common situations, with the document that carries weight and the first useful step.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>A supplier demands payment of a pre-opening invoice<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Delivery date, framework contract and grounds for any connection between the claims.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before any new order made conditional on payment.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Refuse the prohibited payment and, if a retained item is indispensable, apply for the authorisation provided for in paragraph II of Article L. 622-7.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>The two-month hearing is approaching<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Cash-flow forecast, order book and written financing commitments.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> No later than two months from the opening judgment.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Prepare with the administrator a quantified report demonstrating the financing capacity.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>A partner wants to take a stake in the company's capital<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Chain of ownership of the shares and nature of the transaction: purchase of existing shares or subscription for new shares.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before any signature, since directors' shares are blocked.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Have the court set the conditions for any transfer of shares held by a director, and provide for the capital increase in the draft plan if the plan depends on it.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>An instalment of the plan has not been paid<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Payment schedule, reminders from the supervisor and statement of available assets.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> From the first reminder, before any application for termination of the plan.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Regularise the payment, or ask the court for a substantial modification of the plan.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>The director is considering taking over the assets<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Personal and capital links between the bidder and the business.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Before any offer is filed.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Check the statutory prohibition and, where appropriate, the route of a derogation on application by the public prosecutor's office.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>A sale plan has just been adopted<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Judgment, offers before the court and the position the business put forward at the hearing.<\/p><p class=\"kcv-p\"><strong>Time limit:<\/strong> Ten days from delivery of the judgment for the debtor's appeal.<\/p><p class=\"kcv-p\"><strong>Useful step:<\/strong> Assess the business's own interest in acting before lodging an appeal.<\/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>judicial reorganisation<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">14 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>Does the director keep control of the business during judicial reorganisation?<\/summary><div class=\"a\"><p>Yes, in principle the director remains in office after the opening judgment, but the director's powers depend on the mission entrusted to the administrator. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238111\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238111\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-12 of the French Commercial Code (Code de commerce)<\/a> allows the court to instruct the administrator to assist the debtor in all or some management acts, or to run the business alone. Reading the opening judgment is therefore the first step: it shows who signs, who commits expenditure and who operates the accounts. Some acts fall outside day-to-day management in every case. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-7 of the Commercial Code<\/a>, made applicable to judicial reorganisation by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052869\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052869\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-14 of the Commercial Code<\/a>, reserves to the supervising judge (juge-commissaire) the authorisation of acts of disposal outside day-to-day management, contractual security interests securing a post-opening claim, settlements and compromises. The court may also modify the administrator's mission at any time, at the request of the bodies of the proceedings or the public prosecutor's office, or of its own motion. The firm checks with the director where the line lies between the acts the director may carry out alone, those that require the administrator's signature and those that call for an order, in order to avoid a void act or later liability.<\/p><\/div><\/details><details><summary>During the observation period, which debts can the business still pay?<\/summary><div class=\"a\"><p>The opening judgment prohibits, by operation of law, payment of any claim arising before it, except by set-off of connected claims, under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052577\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-7 of the Commercial Code<\/a>. It also prohibits payment of post-opening claims that do not fall within paragraph I of Article L. 622-17, that is, those that did not arise regularly after the opening for the needs of the proceedings or of the business during the observation period, or in consideration for a service received in that phase. The director must therefore separate pre-opening invoices, which will be declared as liabilities, from the running costs the business continues to generate. Set-off remains closely scrutinised. The Court of Cassation quashed a judgment that had allowed set-off between two reciprocal claims, noting that \"these claims, which did not arise from a single contractual whole, were not connected\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/69fad6b9cdc6046d47c070e2\" target=\"_blank\" rel=\"noopener\">Cass. com., 6 May 2026, No. 23-23.937<\/a>, our translation). A supplier who claims an earlier payment as a condition of further deliveries therefore cannot obtain it by this route without scrutiny. The firm helps the director to classify each debt, to identify the contracts worth continuing and to prepare, where a pledged or retained asset is indispensable to the business, the application for authorisation to pay provided for in paragraph II of the same article.<\/p><\/div><\/details><details><summary>How long does the observation period last, and what is at stake after two months?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052569\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052569\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 621-3 of the Commercial Code<\/a> caps the initial duration of the observation period at six months, which the court may extend once by the same length, by a decision giving its reasons. In judicial reorganisation, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052852\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052852\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-7 of the Commercial Code<\/a> also allows, on application by the prosecution service and exceptionally, a final extension of six months. The first milestone, however, comes much earlier. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052884\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052884\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-15 of the Commercial Code<\/a> requires the court to rule within two months of the opening: it authorises continuation where the business appears able to finance it, on the basis of a report prepared by the administrator or, failing that, by the debtor. At any point during the observation period it may also order partial cessation of the activity or order liquidation where reorganisation is manifestly impossible. This is a fact-specific assessment, largely within the trial courts' discretion. In a group, the Court of Cassation accepts that the court may take the overall coherence into account, holding that \"nothing prevents the court, when examining the solution proposed for each of them, from taking into account, by a global approach, the coherence of the project in light of the solutions envisaged for the other companies of the group\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca7cbf68ecce6b8d4cd580\" target=\"_blank\" rel=\"noopener\">Cass. com., 19 December 2018, No. 17-27.950<\/a>, our translation). The director must come to this hearing with a reliable, quantified cash-flow forecast.<\/p><\/div><\/details><details><summary>Can the director transfer shares during the proceedings?<\/summary><div class=\"a\"><p>No, not freely. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984180\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-10 of the Commercial Code<\/a> provides that from the opening judgment, shares, equity securities or transferable securities giving access to the capital held by de jure or de facto directors, even through an intermediate structure, change hands validly only on the conditions set by the court; any transfer made otherwise is void. Equity securities and transferable securities giving access to the capital are transferred to a special blocked account, on which no movement may be made without the authorisation of the supervising judge, while the non-transferability of the shares is noted in the company's registers. This rule covers the remunerated director and the unpaid director alike, and it extends to indirect holdings, for example through a holding company. A plan for an investor to come in or for a family transfer therefore cannot be signed as an ordinary transaction. Where a change to the capital or the transfer of corporate rights is provided for in the draft plan or in the plan, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a> further deems approval clauses in the articles of association to be unwritten. The firm checks the chain of ownership, prepares the application to the court and fits the transaction into the plan, so that an injection of equity genuinely serves the reorganisation instead of being exposed to annulment.<\/p><\/div><\/details><details><summary>Can the court force the director out or force a sale of the director's shares?<\/summary><div class=\"a\"><p>Yes, within a strict framework. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052911\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052911\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19-1 of the French Commercial Code (Code de commerce)<\/a> allows the court, where the recovery of the business so requires and at the request of the public prosecutor's office, to make adoption of the plan conditional on the replacement of one or more directors. It may also declare their shares non-transferable, give the voting right to a court-appointed officer, or order the sale of the shares at a price fixed by an expert. The directors must be heard or duly summoned, and the provision does not apply to regulated liberal professions or, under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a>, to a plan adopted or approved within classes of affected parties. According to the Court of Cassation, the measure does not entail automatic dispossession, since \"a company director may avoid the forced sale of the director's corporate rights by giving up management duties\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fd91d19033552b9a650e22f\" target=\"_blank\" rel=\"noopener\">Cass. com., 11 October 2016, No. 14-29.360<\/a>, our translation). In the same case, it quashed the judgment that had granted an application by the public prosecutor's office made on the occasion of a request to modify the plan, and declared that application inadmissible, since a forced sale cannot by itself constitute such a modification. A director targeted by such a request must therefore check who made it, its form, its timing and the justification drawn from the needs of the reorganisation, before disputing the price set by the expert.<\/p><\/div><\/details><details><summary>How can a recovery plan be built that the court will be able to adopt?<\/summary><div class=\"a\"><p>The administrator prepares the draft plan with the assistance of the debtor, as provided by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a>. Where no administrator has been appointed, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238342\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238342\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-21 of the Commercial Code<\/a> refers to the simplified rules under which the debtor prepares the draft itself, with the possible assistance of an expert (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984153\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984153\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 627-3<\/a>). The director is therefore not a bystander: the director supplies the activity forecasts, the reorganisation measures, the financing and the commitments of the shareholders. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052655\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052655\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-10 of the Commercial Code<\/a> requires naming those who undertake to perform the plan, detailing what they promise and explaining the expected change in employment. These commitments cover the future of the business, its financing, the settlement of the declared liabilities and, where applicable, the guarantees given. The duration of the plan is set by the court and may not exceed ten years, or fifteen years for an agricultural holding, under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587787\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587787\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-12 of the Commercial Code<\/a>. Where classes of affected parties are formed, the proposals are put to them for a vote, and the draft then escapes this ceiling, since <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052721\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052721\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-30-2 of the Commercial Code<\/a> disapplies Article L. 626-12. A credible plan rests on instalments compatible with actual cash flow, not on an optimistic recovery assumption. The firm reviews the forecasts with the director, distinguishes firm commitments from intentions, and prepares the documents that will allow the court to gauge the reliability of the plan.<\/p><\/div><\/details><details><summary>Can the plan be modified when the business changes during its performance?<\/summary><div class=\"a\"><p>Yes, but only the court may order a substantial modification. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052681\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052681\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-26 of the Commercial Code<\/a>, applicable to the recovery plan by reference from <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a>, reserves this decision to the court, at the request of the debtor and on the report of the plan supervisor. Where the request concerns the arrangements for clearing the liabilities, the creditors concerned are consulted. Their silence amounts to acceptance, except for debt write-offs or conversions into securities giving access to the capital. Before ruling, the court obtains the opinion of the prosecution service and summons in particular the debtor, the plan supervisor, the controllers and the staff representatives. A director who anticipates a fall in activity is better advised to submit a documented request before the first payment default than to wait for an application for termination of the plan. Modification is also not a way of introducing a measure of a different nature: the Court of Cassation has held that a request for the forced sale of shares cannot by itself constitute a request to modify the plan (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fd91d19033552b9a650e22f\" target=\"_blank\" rel=\"noopener\">Cass. com., 11 October 2016, No. 14-29.360<\/a>). The firm prepares the application, the interim accounts and the proposed new schedule.<\/p><\/div><\/details><details><summary>An instalment of the plan is paid late: is termination of the plan inevitable?<\/summary><div class=\"a\"><p>Not necessarily. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587494\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038587494\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-27 of the Commercial Code<\/a> allows the court to bring the plan to an end where the debtor does not comply with the schedule it accepted. In judicial reorganisation, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-20 of the Commercial Code<\/a> adds that a new cessation of payments arising during performance leads the court to terminate the plan and order liquidation. Two distinct questions therefore arise: payment of the instalments and the existence of a new cessation of payments. In a Paris case, the court of appeal reversed a judgment terminating the plan because the instalments had been paid, even if late, and held that \"As the recovery plan has been performed, the judgment will be reversed insofar as it ordered termination of the plan.\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/641aac560c73d704f53485d2\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 8, 21 March 2023, No. 22\/08129<\/a>, our translation). It then ruled out cessation of payments, for lack of proof that the social security debts relied on were due. For its part, the Court of Cassation has quashed a termination, holding that \"since immediate repayment of the loan was not required, the funds handed to the debtor constituted available assets\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63997cb3b7ec7f05d42d8173\" target=\"_blank\" rel=\"noopener\">Cass. com., 14 December 2022, No. 21-17.706<\/a>, our translation). Funds from a family loan, actually paid over and not repayable immediately, may therefore count towards available assets. The director should regularise the instalment as quickly as possible and quantify available assets and debts due precisely.<\/p><\/div><\/details><details><summary>Can the director buy back the business or its assets in a sale?<\/summary><div class=\"a\"><p>In principle, no. <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> makes the rules of section 1 of chapter II of title IV applicable to a sale ordered in judicial reorganisation, including <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>. That provision prohibits the debtor, de jure or de facto directors, their relatives and in-laws up to the second degree and the controllers from submitting an offer, directly or through an intermediary. It also prohibits them from acquiring, within five years of the sale, the assets sold or the shares of a company that holds them. The court may derogate from these prohibitions, on application by the public prosecutor's office, by a specially reasoned judgment, except for the debtor and the controllers. Case law applies this rule broadly. The Court of Cassation held, in liquidation, that \"the de facto director of the legal entity placed in judicial liquidation may not acquire its assets\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca5ed410488345eaf93d00\" target=\"_blank\" rel=\"noopener\">Cass. com., 8 January 2020, No. 18-20.270<\/a>, our translation). The Paris Court of Appeal upheld the rejection of the offer of a company created by a former director, holding that \"it follows from the spirit of this provision that the conflict of interest from which the prohibition derives may also exist with the former director\" (<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>, our translation). These two decisions, given on particular facts, went against the excluded bidders: before any offer, it must be checked whether the bidder falls within the categories covered by Article L. 642-3 and, if so, the derogation provided by law should be considered.<\/p><\/div><\/details><details><summary>What happens to a leasing agreement or a current contract when the business is sold?<\/summary><div class=\"a\"><p>During the observation period, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028723946\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028723946\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-13 of the Commercial Code<\/a> gives the administrator alone the power to require continuation of current contracts, provided the necessary funds are available. The counterparty may not terminate the contract merely because the proceedings have been opened. The contract is terminated by operation of law where a formal notice to elect remains unanswered by the administrator for more than one month, a period the supervising judge may shorten or extend by up to two months, or where a post-opening performance is not paid and the counterparty does not agree to continue the relationship. The Court of Cassation nevertheless requires that this termination be recorded by the supervising judge: where the matter had not been referred to the judge, the leasing contract was still in force when the sale plan was adopted. In the same judgment, it held that \"the purchaser is bound to perform the commitments made in its offer and repeated before the court\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fd8f91cd01ca78dd873db1c\" target=\"_blank\" rel=\"noopener\">Cass. com., 20 September 2017, No. 16-14.065<\/a>, our translation), including payment of the earlier rent it had undertaken to settle. For the director, the list of contracts needed for the business must therefore be drawn up early, with the rent due and the commitments the bidders agree to take over. The firm reviews this list, the formal notices received and the orders of the supervising judge before the hearing on the offers.<\/p><\/div><\/details><details><summary>Can the business make redundancies during the observation period?<\/summary><div class=\"a\"><p>Yes, but only where redundancies for economic reasons are urgent, inevitable and indispensable. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027566167\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000027566167\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-17 of the Commercial Code<\/a> makes such redundancies subject to the authorisation of the supervising judge, to whom the matter is referred by the administrator. Before that referral, the administrator carries out the consultation procedure provided for in Article L. 1233-58 of the Labour Code. The administrator attaches to the application the opinion obtained, evidence of the steps taken on compensation and redeployment, and the decision of the administrative authority where one is required. The notification timetable follows rules specific to insolvency proceedings. The Social Chamber held that \"the time limits provided for in Article L. 1233-39 of the Labour Code for sending dismissal letters for an economic reason do not apply in the event of judicial reorganisation or liquidation\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/646478055c7899d0f88f899c\" target=\"_blank\" rel=\"noopener\">Cass. soc., 17 May 2023, No. 21-21.041<\/a>, our translation), and ruled without remitting the case, dismissing the employee's claim of irregularity. A director who is considering a reduction in headcount must tie it to precise economic data and to the timetable of the proceedings. Redundancies provided for by the plan are governed by paragraph III of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a>, within the month following the judgment adopting the plan.<\/p><\/div><\/details><details><summary>Can the debtor appeal against the judgment adopting the sale plan?<\/summary><div class=\"a\"><p>The debtor is among the few persons entitled to appeal against the judgment adopting or rejecting the sale plan, along with the public prosecutor's office, the purchaser and the counterparty whose contract is being assigned, under paragraph III of <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 time limit is short: <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180491\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029180491\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article R. 661-3 of the Commercial Code<\/a> sets it at ten days from delivery of the judgment for the debtor. That standing is not enough, however. The Court of Cassation held that \"although the debtor has standing to appeal against the judgment adopting the sale plan, it must also show a personal interest in exercising that avenue of appeal\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca645f2c27f04cd3745923\" target=\"_blank\" rel=\"noopener\">Cass. com., 23 October 2019, No. 18-21.125<\/a>, our translation). In that case, the company's appeal was declared inadmissible, because it had proposed no plan, had not opposed the sale, and was in reality defending the interests of its director as guarantor and of an unsuccessful bidder. The appeal to the Court of Cassation was declared inadmissible. This decision goes against a director who wants to challenge the sale in order to protect himself or herself as guarantor. A useful challenge is therefore prepared before the hearing, through a clear position by the business on the offers and, where appropriate, an alternative draft plan.<\/p><\/div><\/details><details><summary>Can a director who is a guarantor of the company rely on the recovery plan?<\/summary><div class=\"a\"><p>The answer depends on the date on which the proceedings were opened. During the observation period, proceedings against a guarantor who is an individual are suspended until the decision adopting the plan or opening liquidation, under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042779\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042779\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-28 of the Commercial Code<\/a> as applied to judicial reorganisation. This suspension ends with the judgment adopting the plan, subject, for recent proceedings, to the benefit of the plan that a guarantor who is an individual may invoke. For proceedings opened before 1 October 2021, the former Article L. 631-20 deprived guarantors of the benefit of the recovery plan. The Paris Court of Appeal still applied it in 2026 to proceedings opened in 2019, holding that \"The creditor therefore regains its right to pursue the guarantor once the recovery plan has been adopted.\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6ac3c552c27382d0998d8fbe\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 6, 23 September 2026, No. 25\/10411<\/a>, our translation). It ordered the guarantor to pay, less the payments made under the plan: the decision goes against the director as guarantor. For proceedings opened since 1 October 2021, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-20 of the Commercial Code<\/a> no longer contains this exclusion, and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984663\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984663\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 626-11 of the Commercial Code<\/a>, made applicable by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052887\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-19 of the Commercial Code<\/a>, allows co-obligors or guarantors who are individuals to rely on the provisions of the plan. The director must therefore check the date of the opening judgment, the terms of the guarantee and the schedule adopted before disputing a demand from the bank.<\/p><\/div><\/details><details><summary>Does a director who filed for insolvency late risk a management ban?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028724106\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028724106\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 631-4 of the Commercial Code<\/a> requires the debtor to apply to the court within forty-five days of the date of cessation of payments, unless the debtor has requested conciliation during that period. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031013446\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031013446\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 653-8 of the Commercial Code<\/a> allows a management ban to be imposed on a director who knowingly failed to request the opening of proceedings within that period. The adverb matters: it must be established that the director was aware of the state of cessation of payments. The Court of Cassation nevertheless approved a sanction even though the director was unaware of the cessation of payments on the date to which it had been put back. It accepted that later unpaid contributions, VAT and salaries established that the director \"had knowingly failed to declare the cessation of payments within the forty-five-day period\" (<a href=\"https:\/\/www.courdecassation.fr\/decision\/61de7d4cfc57de8d136e0670\" target=\"_blank\" rel=\"noopener\">Cass. com., 12 January 2022, No. 20-21.427<\/a>, our translation). This decision goes against the director: putting back the date of cessation of payments is not enough to protect the director if later signals show knowledge. In judicial reorganisation, the best defence remains the chronology: dates of the first unpaid debts, financing steps, exchanges with public creditors and the date the court was seized. The firm reconstructs this chronology from the accounting and banking documents.<\/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\/LEGIARTI000045178110\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178110\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">conditions and purposes of judicial reorganisation<\/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\/LEGIARTI000006238111\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006238111\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-12 of the Commercial Code<\/span><span class=\"kcv-art-t\">the administrator's mission<\/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\/LEGIARTI000019984180\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000019984180\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-10 of the Commercial Code<\/span><span class=\"kcv-art-t\">non-transferability of directors' shares<\/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\/LEGIARTI000044052884\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052884\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-15 of the Commercial Code<\/span><span class=\"kcv-art-t\">continuation of the observation period and liquidation<\/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\/LEGIARTI000044052911\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052911\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-19-1 of the Commercial Code<\/span><span class=\"kcv-art-t\">replacement of directors and forced sale of shares<\/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\/LEGIARTI000044052681\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052681\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 626-26 of the Commercial Code<\/span><span class=\"kcv-art-t\">substantial modification of 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 kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000044052922\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 631-20 of the Commercial Code<\/span><span class=\"kcv-art-t\">termination of the recovery 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 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\">prohibition on directors submitting an offer<\/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 sale 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><\/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\">The firm's 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\">The firm's 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\">The firm's 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\/unpaid-invoice-lawyer-paris\/\"><span class=\"kcv-pg-t\">Unpaid invoice<\/span><span class=\"kcv-pg-s\">The firm's 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 judicial reorganisation under way? Take stock <em>before the next hearing<\/em>.<\/h2>\n      <p>Send the opening judgment, the administrator's mission and your forecasts: the firm will review your powers, your time limits and the options open before 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\": \"Does the director keep control of the business during judicial reorganisation?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, in principle the director remains in office after the opening judgment, but the director's powers depend on the mission entrusted to the administrator. Article L. 631-12 of the French Commercial Code (Code de commerce) allows the court to instruct the administrator to assist the debtor in all or some management acts, or to run the business alone. Reading the opening judgment is therefore the first step: it shows who signs, who commits expenditure and who operates the accounts. Some acts fall outside day-to-day management in every case. Article L. 622-7 of the Commercial Code, made applicable to judicial reorganisation by Article L. 631-14 of the Commercial Code, reserves to the supervising judge (juge-commissaire) the authorisation of acts of disposal outside day-to-day management, contractual security interests securing a post-opening claim, settlements and compromises. The court may also modify the administrator's mission at any time, at the request of the bodies of the proceedings or the public prosecutor's office, or of its own motion. The firm checks with the director where the line lies between the acts the director may carry out alone, those that require the administrator's signature and those that call for an order, in order to avoid a void act or later liability.\"}}, {\"@type\": \"Question\", \"name\": \"During the observation period, which debts can the business still pay?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The opening judgment prohibits, by operation of law, payment of any claim arising before it, except by set-off of connected claims, under Article L. 622-7 of the Commercial Code. It also prohibits payment of post-opening claims that do not fall within paragraph I of Article L. 622-17, that is, those that did not arise regularly after the opening for the needs of the proceedings or of the business during the observation period, or in consideration for a service received in that phase. The director must therefore separate pre-opening invoices, which will be declared as liabilities, from the running costs the business continues to generate. Set-off remains closely scrutinised. The Court of Cassation quashed a judgment that had allowed set-off between two reciprocal claims, noting that \\\"these claims, which did not arise from a single contractual whole, were not connected\\\" (Cass. com., 6 May 2026, No. 23-23.937, our translation). A supplier who claims an earlier payment as a condition of further deliveries therefore cannot obtain it by this route without scrutiny. The firm helps the director to classify each debt, to identify the contracts worth continuing and to prepare, where a pledged or retained asset is indispensable to the business, the application for authorisation to pay provided for in paragraph II of the same article.\"}}, {\"@type\": \"Question\", \"name\": \"How long does the observation period last, and what is at stake after two months?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article L. 621-3 of the Commercial Code caps the initial duration of the observation period at six months, which the court may extend once by the same length, by a decision giving its reasons. In judicial reorganisation, Article L. 631-7 of the Commercial Code also allows, on application by the prosecution service and exceptionally, a final extension of six months. The first milestone, however, comes much earlier. Article L. 631-15 of the Commercial Code requires the court to rule within two months of the opening: it authorises continuation where the business appears able to finance it, on the basis of a report prepared by the administrator or, failing that, by the debtor. At any point during the observation period it may also order partial cessation of the activity or order liquidation where reorganisation is manifestly impossible. This is a fact-specific assessment, largely within the trial courts' discretion. In a group, the Court of Cassation accepts that the court may take the overall coherence into account, holding that \\\"nothing prevents the court, when examining the solution proposed for each of them, from taking into account, by a global approach, the coherence of the project in light of the solutions envisaged for the other companies of the group\\\" (Cass. com., 19 December 2018, No. 17-27.950, our translation). The director must come to this hearing with a reliable, quantified cash-flow forecast.\"}}, {\"@type\": \"Question\", \"name\": \"Can the director transfer shares during the proceedings?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"No, not freely. Article L. 631-10 of the Commercial Code provides that from the opening judgment, shares, equity securities or transferable securities giving access to the capital held by de jure or de facto directors, even through an intermediate structure, change hands validly only on the conditions set by the court; any transfer made otherwise is void. Equity securities and transferable securities giving access to the capital are transferred to a special blocked account, on which no movement may be made without the authorisation of the supervising judge, while the non-transferability of the shares is noted in the company's registers. This rule covers the remunerated director and the unpaid director alike, and it extends to indirect holdings, for example through a holding company. A plan for an investor to come in or for a family transfer therefore cannot be signed as an ordinary transaction. Where a change to the capital or the transfer of corporate rights is provided for in the draft plan or in the plan, Article L. 631-19 of the Commercial Code further deems approval clauses in the articles of association to be unwritten. The firm checks the chain of ownership, prepares the application to the court and fits the transaction into the plan, so that an injection of equity genuinely serves the reorganisation instead of being exposed to annulment.\"}}, {\"@type\": \"Question\", \"name\": \"Can the court force the director out or force a sale of the director's shares?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, within a strict framework. Article L. 631-19-1 of the French Commercial Code (Code de commerce) allows the court, where the recovery of the business so requires and at the request of the public prosecutor's office, to make adoption of the plan conditional on the replacement of one or more directors. It may also declare their shares non-transferable, give the voting right to a court-appointed officer, or order the sale of the shares at a price fixed by an expert. The directors must be heard or duly summoned, and the provision does not apply to regulated liberal professions or, under Article L. 631-19 of the Commercial Code, to a plan adopted or approved within classes of affected parties. According to the Court of Cassation, the measure does not entail automatic dispossession, since \\\"a company director may avoid the forced sale of the director's corporate rights by giving up management duties\\\" (Cass. com., 11 October 2016, No. 14-29.360, our translation). In the same case, it quashed the judgment that had granted an application by the public prosecutor's office made on the occasion of a request to modify the plan, and declared that application inadmissible, since a forced sale cannot by itself constitute such a modification. A director targeted by such a request must therefore check who made it, its form, its timing and the justification drawn from the needs of the reorganisation, before disputing the price set by the expert.\"}}, {\"@type\": \"Question\", \"name\": \"How can a recovery plan be built that the court will be able to adopt?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The administrator prepares the draft plan with the assistance of the debtor, as provided by Article L. 631-19 of the Commercial Code. Where no administrator has been appointed, Article L. 631-21 of the Commercial Code refers to the simplified rules under which the debtor prepares the draft itself, with the possible assistance of an expert (Article L. 627-3). The director is therefore not a bystander: the director supplies the activity forecasts, the reorganisation measures, the financing and the commitments of the shareholders. Article L. 626-10 of the Commercial Code requires naming those who undertake to perform the plan, detailing what they promise and explaining the expected change in employment. These commitments cover the future of the business, its financing, the settlement of the declared liabilities and, where applicable, the guarantees given. The duration of the plan is set by the court and may not exceed ten years, or fifteen years for an agricultural holding, under Article L. 626-12 of the Commercial Code. Where classes of affected parties are formed, the proposals are put to them for a vote, and the draft then escapes this ceiling, since Article L. 626-30-2 of the Commercial Code disapplies Article L. 626-12. A credible plan rests on instalments compatible with actual cash flow, not on an optimistic recovery assumption. The firm reviews the forecasts with the director, distinguishes firm commitments from intentions, and prepares the documents that will allow the court to gauge the reliability of the plan.\"}}, {\"@type\": \"Question\", \"name\": \"Can the plan be modified when the business changes during its performance?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, but only the court may order a substantial modification. Article L. 626-26 of the Commercial Code, applicable to the recovery plan by reference from Article L. 631-19 of the Commercial Code, reserves this decision to the court, at the request of the debtor and on the report of the plan supervisor. Where the request concerns the arrangements for clearing the liabilities, the creditors concerned are consulted. Their silence amounts to acceptance, except for debt write-offs or conversions into securities giving access to the capital. Before ruling, the court obtains the opinion of the prosecution service and summons in particular the debtor, the plan supervisor, the controllers and the staff representatives. A director who anticipates a fall in activity is better advised to submit a documented request before the first payment default than to wait for an application for termination of the plan. Modification is also not a way of introducing a measure of a different nature: the Court of Cassation has held that a request for the forced sale of shares cannot by itself constitute a request to modify the plan (Cass. com., 11 October 2016, No. 14-29.360). The firm prepares the application, the interim accounts and the proposed new schedule.\"}}, {\"@type\": \"Question\", \"name\": \"An instalment of the plan is paid late: is termination of the plan inevitable?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Not necessarily. Article L. 626-27 of the Commercial Code allows the court to bring the plan to an end where the debtor does not comply with the schedule it accepted. In judicial reorganisation, Article L. 631-20 of the Commercial Code adds that a new cessation of payments arising during performance leads the court to terminate the plan and order liquidation. Two distinct questions therefore arise: payment of the instalments and the existence of a new cessation of payments. In a Paris case, the court of appeal reversed a judgment terminating the plan because the instalments had been paid, even if late, and held that \\\"As the recovery plan has been performed, the judgment will be reversed insofar as it ordered termination of the plan.\\\" (CA Paris, p\u00f4le 5 ch. 8, 21 March 2023, No. 22\/08129, our translation). It then ruled out cessation of payments, for lack of proof that the social security debts relied on were due. For its part, the Court of Cassation has quashed a termination, holding that \\\"since immediate repayment of the loan was not required, the funds handed to the debtor constituted available assets\\\" (Cass. com., 14 December 2022, No. 21-17.706, our translation). Funds from a family loan, actually paid over and not repayable immediately, may therefore count towards available assets. The director should regularise the instalment as quickly as possible and quantify available assets and debts due precisely.\"}}, {\"@type\": \"Question\", \"name\": \"Can the director buy back the business or its assets in a sale?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"In principle, no. Article L. 631-22 of the Commercial Code makes the rules of section 1 of chapter II of title IV applicable to a sale ordered in judicial reorganisation, including Article L. 642-3 of the Commercial Code. That provision prohibits the debtor, de jure or de facto directors, their relatives and in-laws up to the second degree and the controllers from submitting an offer, directly or through an intermediary. It also prohibits them from acquiring, within five years of the sale, the assets sold or the shares of a company that holds them. The court may derogate from these prohibitions, on application by the public prosecutor's office, by a specially reasoned judgment, except for the debtor and the controllers. Case law applies this rule broadly. The Court of Cassation held, in liquidation, that \\\"the de facto director of the legal entity placed in judicial liquidation may not acquire its assets\\\" (Cass. com., 8 January 2020, No. 18-20.270, our translation). The Paris Court of Appeal upheld the rejection of the offer of a company created by a former director, holding that \\\"it follows from the spirit of this provision that the conflict of interest from which the prohibition derives may also exist with the former director\\\" (CA Paris, p\u00f4le 5 ch. 9, 12 December 2024, No. 24\/10762, our translation). These two decisions, given on particular facts, went against the excluded bidders: before any offer, it must be checked whether the bidder falls within the categories covered by Article L. 642-3 and, if so, the derogation provided by law should be considered.\"}}, {\"@type\": \"Question\", \"name\": \"What happens to a leasing agreement or a current contract when the business is sold?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"During the observation period, Article L. 622-13 of the Commercial Code gives the administrator alone the power to require continuation of current contracts, provided the necessary funds are available. The counterparty may not terminate the contract merely because the proceedings have been opened. The contract is terminated by operation of law where a formal notice to elect remains unanswered by the administrator for more than one month, a period the supervising judge may shorten or extend by up to two months, or where a post-opening performance is not paid and the counterparty does not agree to continue the relationship. The Court of Cassation nevertheless requires that this termination be recorded by the supervising judge: where the matter had not been referred to the judge, the leasing contract was still in force when the sale plan was adopted. In the same judgment, it held that \\\"the purchaser is bound to perform the commitments made in its offer and repeated before the court\\\" (Cass. com., 20 September 2017, No. 16-14.065, our translation), including payment of the earlier rent it had undertaken to settle. For the director, the list of contracts needed for the business must therefore be drawn up early, with the rent due and the commitments the bidders agree to take over. The firm reviews this list, the formal notices received and the orders of the supervising judge before the hearing on the offers.\"}}, {\"@type\": \"Question\", \"name\": \"Can the business make redundancies during the observation period?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Yes, but only where redundancies for economic reasons are urgent, inevitable and indispensable. Article L. 631-17 of the Commercial Code makes such redundancies subject to the authorisation of the supervising judge, to whom the matter is referred by the administrator. Before that referral, the administrator carries out the consultation procedure provided for in Article L. 1233-58 of the Labour Code. The administrator attaches to the application the opinion obtained, evidence of the steps taken on compensation and redeployment, and the decision of the administrative authority where one is required. The notification timetable follows rules specific to insolvency proceedings. The Social Chamber held that \\\"the time limits provided for in Article L. 1233-39 of the Labour Code for sending dismissal letters for an economic reason do not apply in the event of judicial reorganisation or liquidation\\\" (Cass. soc., 17 May 2023, No. 21-21.041, our translation), and ruled without remitting the case, dismissing the employee's claim of irregularity. A director who is considering a reduction in headcount must tie it to precise economic data and to the timetable of the proceedings. Redundancies provided for by the plan are governed by paragraph III of Article L. 631-19 of the Commercial Code, within the month following the judgment adopting the plan.\"}}, {\"@type\": \"Question\", \"name\": \"Can the debtor appeal against the judgment adopting the sale plan?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The debtor is among the few persons entitled to appeal against the judgment adopting or rejecting the sale plan, along with the public prosecutor's office, the purchaser and the counterparty whose contract is being assigned, under paragraph III of Article L. 661-6 of the Commercial Code. The time limit is short: Article R. 661-3 of the Commercial Code sets it at ten days from delivery of the judgment for the debtor. That standing is not enough, however. The Court of Cassation held that \\\"although the debtor has standing to appeal against the judgment adopting the sale plan, it must also show a personal interest in exercising that avenue of appeal\\\" (Cass. com., 23 October 2019, No. 18-21.125, our translation). In that case, the company's appeal was declared inadmissible, because it had proposed no plan, had not opposed the sale, and was in reality defending the interests of its director as guarantor and of an unsuccessful bidder. The appeal to the Court of Cassation was declared inadmissible. This decision goes against a director who wants to challenge the sale in order to protect himself or herself as guarantor. A useful challenge is therefore prepared before the hearing, through a clear position by the business on the offers and, where appropriate, an alternative draft plan.\"}}, {\"@type\": \"Question\", \"name\": \"Can a director who is a guarantor of the company rely on the recovery plan?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The answer depends on the date on which the proceedings were opened. During the observation period, proceedings against a guarantor who is an individual are suspended until the decision adopting the plan or opening liquidation, under Article L. 622-28 of the Commercial Code as applied to judicial reorganisation. This suspension ends with the judgment adopting the plan, subject, for recent proceedings, to the benefit of the plan that a guarantor who is an individual may invoke. For proceedings opened before 1 October 2021, the former Article L. 631-20 deprived guarantors of the benefit of the recovery plan. The Paris Court of Appeal still applied it in 2026 to proceedings opened in 2019, holding that \\\"The creditor therefore regains its right to pursue the guarantor once the recovery plan has been adopted.\\\" (CA Paris, p\u00f4le 5 ch. 6, 23 September 2026, No. 25\/10411, our translation). It ordered the guarantor to pay, less the payments made under the plan: the decision goes against the director as guarantor. For proceedings opened since 1 October 2021, Article L. 631-20 of the Commercial Code no longer contains this exclusion, and Article L. 626-11 of the Commercial Code, made applicable by Article L. 631-19 of the Commercial Code, allows co-obligors or guarantors who are individuals to rely on the provisions of the plan. The director must therefore check the date of the opening judgment, the terms of the guarantee and the schedule adopted before disputing a demand from the bank.\"}}, {\"@type\": \"Question\", \"name\": \"Does a director who filed for insolvency late risk a management ban?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article L. 631-4 of the Commercial Code requires the debtor to apply to the court within forty-five days of the date of cessation of payments, unless the debtor has requested conciliation during that period. Article L. 653-8 of the Commercial Code allows a management ban to be imposed on a director who knowingly failed to request the opening of proceedings within that period. The adverb matters: it must be established that the director was aware of the state of cessation of payments. The Court of Cassation nevertheless approved a sanction even though the director was unaware of the cessation of payments on the date to which it had been put back. It accepted that later unpaid contributions, VAT and salaries established that the director \\\"had knowingly failed to declare the cessation of payments within the forty-five-day period\\\" (Cass. com., 12 January 2022, No. 20-21.427, our translation). This decision goes against the director: putting back the date of cessation of payments is not enough to protect the director if later signals show knowledge. In judicial reorganisation, the best defence remains the chronology: dates of the first unpaid debts, financing steps, exchanges with public creditors and the date the court was seized. 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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\" 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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. 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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-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. 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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A judicial reorganisation lawyer in Paris advises a director who, after the opening judgment, stays in place but acts under supervision: acts subject to the supervising judge, shares blocked, the two-month hearing, then a recovery plan or [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157182,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161325","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Judicial Reorganisation Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Judicial reorganisation lawyer in Paris for company directors: powers, two-month hearing, recovery plan, sale. Call the firm before your next hearing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kohenavocats.fr\/en\/judicial-reorganisation-lawyer-paris\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judicial Reorganisation Lawyer Paris | Kohen Avocats\" \/>\n<meta property=\"og:description\" content=\"Judicial reorganisation lawyer in Paris for company directors: powers, two-month hearing, recovery plan, sale. 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