After the transposition of the Directive, French insolvency law, which was already on the right page with respect to pre-insolvency proceedings, now meets international standards. Following the Directive verbatim, French law introduced the creditors’ vote in classes, whereby creditors can be crammed down, including cross-class cram-down. Moreover, equity holders can be allocated to a class and squeezed out, which was a highly controversial issue during the legislation process.
Source: Insolvency and Restructuring International vol 16 No I April 2022