France’s new legislation attempts to narrow shareholders’ powers in a restructuring scenario: a first step in rebalancing creditors’ and shareholders’ rights?

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French insolvency law has been significantly reformed by Ordinance No 2014-326, dated 12 March 2014, which came into force on 1 July 2014 and amended the sixth book of the commercial code. An implementing decree (No 2014-736) dated 30 June 2014 clarified the rules for its application. The reform mainly aims at simplifying the insolvency regime and rebalancing shareholders’ and creditors’ rights in the context of insolvency proceedings.

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