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

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…