[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…