{"id":32153,"date":"2019-02-17T17:47:35","date_gmt":"2019-02-17T16:47:35","guid":{"rendered":"https:\/\/bmhavocats.com\/2019\/02\/17\/restructuring-cryptocurrencies-in-insolvency-proceedings-in-france-how-should-volatile-assets-be-handled\/"},"modified":"2026-06-30T12:39:39","modified_gmt":"2026-06-30T10:39:39","slug":"restructuring-cryptocurrencies-in-insolvency-proceedings-in-france-how-should-volatile-assets-be-handled","status":"publish","type":"post","link":"https:\/\/bmhavocats.com\/en\/2019\/02\/17\/restructuring-cryptocurrencies-in-insolvency-proceedings-in-france-how-should-volatile-assets-be-handled\/","title":{"rendered":"[RESTRUCTURING] Cryptocurrencies in Insolvency Proceedings in France: How Should Volatile Assets Be Handled?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row type=&#8221;vc_default&#8221;][vc_column][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=g6tE2ydnO0U&#8221; el_width=&#8221;50&#8243; align=&#8221;center&#8221;][vc_column_text]<\/p>\n<p style=\"text-align: justify;\">First appearing in the early 2010s, crypto-assets are true outliers in the French legal landscape. Defined by the Monetary and Financial Code as \u201c <span style=\"color: #000080;\"><em>any instrument containing, in digital form, units of non-monetary value that can be held or transferred for the purpose of acquiring goods or services, but which do not represent a claim against the issuer<\/em><\/span><sup>\u201d1<\/sup>, these crypto-assets refer in practice to two types of digital assets: <\/p>\n<ul style=\"text-align: justify;\">\n<li>cryptocurrencies, which are made possible by so-called <em>\u201cblockchain\u201d<\/em>technologies; and<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li><em>tokens<\/em> created by companies raising funds through digital currency offerings, more commonly known as <em>Initial Coin Offerings<\/em> (<em>ICOs<\/em>).<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Originally designed as a means of exchange in the digital world, crypto-assets have gradually gained a foothold in the real economy through services that allow them to be bought or sold for fiat currencies, held, or used as a financing tool in the context of an <em>ICO<\/em>.<\/p>\n<p style=\"text-align: justify;\">There are currently nearly 1,600 cryptocurrencies, three of which\u2014 <em>Bitcoin<\/em>, <em>Ethereum<\/em>, and <em>Ripple<\/em> \u2014dominate transactions and market capitalization. In light of the rapid growth of these digital assets, regulators and lawmakers are now called upon to establish an appropriate regulatory framework through a coordinated effort at the European and global levels. <\/p>\n<p style=\"text-align: justify;\">French law has <sup>,<\/sup> in fact, been a pioneer in this area. While the regulatory authorities have focused on enabling the use of <em>blockchain<\/em> technologies for the transfer of unlisted securities and <span style=\"color: #000080;\">minibonds<\/span> <sup>,<\/sup> the legislative authorities have very recently turned their attention to the legal framework for <span style=\"color: #000080;\"><em><sup>ICOs<\/sup><\/em><\/span> and the taxation of <span style=\"color: #000080;\"><sup>crypto<\/sup> -assets<\/span> . It follows that the French legislature does not currently intend to adapt insolvency law to address these new assets. However, given the growing success of crypto-assets, it is likely that insolvency proceedings could soon be initiated against a French company holding digital assets.   <\/p>\n<p style=\"text-align: justify;\">Consequently, through the lens of several practical scenarios under French law governing companies in financial distress, it will be necessary to analyze in advance the legal classification of cryptocurrencies and their treatment in the context of insolvency proceedings.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ffffff;\">&#8211;<\/span><\/p>\n<h4><strong>1. The Legal Classification of Cryptocurrencies and Its Consequences<\/strong><\/h4>\n<h5 style=\"text-align: justify;\"><strong>1.1 Is cryptocurrency a marketable asset within the meaning of Book VI of the Commercial Code?<\/strong><\/h5>\n<p style=\"text-align: justify;\">The concept of \u201cinsolvency\u201d is the cornerstone of insolvency law. Serving as a barometer of financial distress, this crucial concept makes it possible, in particular, to determine which insolvency proceeding should be initiated against a company. <\/p>\n<p style=\"text-align: justify;\">In legal terms, insolvency refers to a situation in which a company is<em> \u201cunable to meet its current liabilities with its <span style=\"color: #000080;\"><strong>available assets<\/strong><\/span><\/em><span style=\"color: #000080;\"><sup><span style=\"color: #000000;\"><span style=\"font-size: 13.3333px;\">5<\/span><\/span><\/sup><\/span> .\u201d Determining whether a company has ceased payments therefore requires an independent and precise assessment of the available assets of the company in financial distress. <\/p>\n<p style=\"text-align: justify;\"><strong>In this context, should cryptocurrencies held as part of a distressed company\u2019s assets be taken into account when determining the scope of available assets?<\/strong><\/p>\n<p style=\"text-align: justify;\">The concept of a company&#8217;s &#8220;available assets&#8221; includes (i) <span style=\"color: #000080;\">all <span style=\"color: #000000;\"><sup>liquid<\/sup><\/span> assets<\/span> and (ii) readily realizable assets, that is, any asset easily and quickly convertible into cash, such as mature and discountable bills of exchange and listed securities. In practice, however, just like listed securities, cryptocurrencies are stores of value that can be immediately converted into euros upon resale on dedicated <em>trading<\/em> platforms, allowing for resales at the market price <sup>.<\/sup> They can also <sup>be<\/sup> resold on <span style=\"color: #000080;\">escrow<\/span> platforms, <span style=\"font-size: 13.3333px;\">which<\/span> directly connect buyers and sellers. <\/p>\n<p style=\"text-align: justify;\"><strong>Therefore, in our view, cryptocurrencies should be taken into account when assessing available assets, which would have two consequences.<\/strong><\/p>\n<p style=\"text-align: justify;\">In certain proceedings, digital assets will \u201cinflate\u201d the available assets, thereby enabling the distressed company to avoid insolvency, at least temporarily. However, if a company\u2019s assets consist largely of<sup>crypto-assets<\/sup>,<sup>9<\/sup> even the slightest fluctuation in their value could suddenly lead to insolvency, requiring the legal representative to exercise<sup>heightened<\/sup> <span style=\"color: #000080;\">vigilance<\/span>.<sup>10<\/sup> It is true that as long as the company has sufficient cash on hand to meet its current expenses, a state of insolvency does not exist, even if certain assets are significantly depreciated at a given time.  <\/p>\n<h5 style=\"text-align: justify;\"><strong>1.2 Cryptocurrency: Is It an Intangible Personal Property or Currency?<\/strong><\/h5>\n<p style=\"text-align: justify;\">In the months following the commencement of insolvency proceedings, the creditors of the debtor company are required to file their claims with the appointed insolvency administrator, as of the date of the order commencing the proceedings. This claim must be filed in euros or in a foreign currency; in the latter case, conversion to euros will be based on the exchange rate in effect on the date of the order opening the<sup>insolvency<\/sup> proceedings<sup>.\u00b9\u00b9<\/sup> <\/p>\n<p style=\"text-align: justify;\"><strong>In this context, can cryptocurrencies be treated as foreign currencies, such that they could serve as the basis for a claim?<\/strong><\/p>\n<p style=\"text-align: justify;\">The prevailing view is that cryptocurrency cannot constitute an official currency with legal tender status, due to the lack of a state connection and official recognition as such. Numerous reports issued by French and European regulatory authorities support this view, concluding that crypto-assets <em>do not<\/em> fulfill\u2014 <em>or fulfill only very partially<\/em> \u2014the three <span style=\"color: #000080;\">traditional functions of<sup><span style=\"color: #000000;\">money.\u00b9\u00b2<\/span><\/sup><\/span> To date, French courts have not yet had to rule on the legal classification of crypto-assets. In our view, it would be appropriate for the court hearing the matter to draw inspiration from the decision rendered on January 22, 2016, by a California court, which ruled, among other things, that <em>Bitcoin<\/em> is not a currency but a<sup>property interest.\u00b9\u00b3<\/sup>   <\/p>\n<p style=\"text-align: justify;\">Consequently, it does not appear that, in the context of French insolvency proceedings, a creditor can file a claim whose value is expressed in cryptocurrency.<\/p>\n<p style=\"text-align: justify;\">Classifying cryptocurrencies as belonging to the legal category of <strong>intangible personal property<\/strong> would have several other consequences.<\/p>\n<p style=\"text-align: justify;\">Indeed, cryptocurrency owners would be led to view these assets as a means of establishing<span style=\"color: #000080;\">the basis for a security<\/span><sup>interest.\u00b9\u2074<\/sup> However, in our view, creating a security interest in these complex assets seems highly unlikely. For example, creating a non-possessory pledge on cryptocurrencies would offer very little security to the secured creditor, assuming that the pledge could be considered validly<sup>created.\u00b9\u2075<\/sup> Similarly, creating a security interest with transfer of possession would require the transfer of the cryptocurrencies to the secured creditor or an agreed-upon third party, which would entail significant practical difficulties.   <\/p>\n<p style=\"text-align: justify;\">More generally, the complexity and extreme <span style=\"color: #000080;\">volatility of these new<\/span><sup>assets\u00b9\u2076<\/sup> would constitute a real source of uncertainty for the creditor when enforcing the security interests granted. It is worth considering, however, whether cryptocurrencies can be subject to a retention-of-title clause, such that they could be claimed by a creditor who considers itself the true owner. <\/p>\n<p style=\"text-align: justify;\">For the creditor\u2019s claim to succeed, the creditor must prove that there was no transfer of ownership of the cryptocurrencies to the debtor company due to nonpayment or partial payment of the cryptocurrencies. In our view, however, such a scenario could not arise in practice. Indeed, the <em>blockchain<\/em> technology that enables the circulation of cryptocurrencies <em>effectively<\/em> entails a transfer of ownership, so that, in principle, it should not allow for the inclusion of a retention-of-title clause or a deferred payment of the digital asset that is the subject of the transaction block.  <\/p>\n<p style=\"text-align: justify;\">Consequently, a debtor company that holds cryptocurrencies as part of its assets would necessarily have full ownership of them.<\/p>\n<p>&nbsp;<\/p>\n<h4 style=\"text-align: justify;\"><strong>2. The Treatment of Cryptocurrencies in Insolvency Proceedings<\/strong><\/h4>\n<h5 style=\"text-align: justify;\"><strong>2.1 Before the commencement of insolvency proceedings: How should a company executive handle cryptocurrencies?<\/strong><\/h5>\n<p style=\"text-align: justify;\">To prevent the debtor company from squandering its assets to orchestrate its insolvency, or from unduly favoring certain creditors at the expense of others, the French legislature has established the principle of the so-called \u201c <span style=\"color: #000080;\">suspicious<\/span>\u201d period<sup>.\u00b9\u2077<\/sup> During this phase, the bodies overseeing a reorganization or judicial liquidation proceeding may seek to set aside certain acts deemed suspect in order to restore the debtor company\u2019s assets to their state prior to the execution of the disputed acts. <\/p>\n<p style=\"text-align: justify;\"><strong>Given this, could transactions conducted in cryptocurrencies be called into question in the context of the voidability of transactions during the suspect period?<\/strong><\/p>\n<p style=\"text-align: justify;\">Two possibilities can be considered: payments made in cryptocurrencies and the conversion of cryptocurrencies into cash during the period in question.<\/p>\n<p style=\"text-align: justify;\">According to the relevant provisions, any payments made during the period in question for past-due debts\u2014other than in cash, including commercial paper, wire transfers, assignment slips, or <strong>any other form of payment commonly accepted in<\/strong><sup>business<\/sup> <strong>transactions<\/strong>\u2014may be challenged<sup>.\u00b9\u2078<\/sup><\/p>\n<p style=\"text-align: justify;\">We can reasonably conclude that, as of now, cryptocurrency transactions do not (yet) constitute a <em>\u201ccommonly accepted method of payment in business transactions<\/em>.\u201d Consequently, from a strictly legal standpoint, payments made in cryptocurrencies during the period in question may be called into question. <\/p>\n<p style=\"text-align: justify;\">From a practical standpoint, however, it is worth questioning whether such a challenge is appropriate. Indeed, the difficulty stems from the high volatility of cryptocurrencies, since between the time the payment is made and the time the digital assets are returned due to the transaction\u2019s invalidity, their value may have increased or decreased significantly. <\/p>\n<p style=\"text-align: justify;\">On the other hand, based on an interpretation of current laws, the mere conversion of cryptocurrencies into euros should not be subject to the invalidity provisions of the \u201csuspicious period.\u201d However, in our view, an executive who, fully aware of impending difficulties, proceeds to sell their cryptocurrencies quickly and at a low price could be held liable. <\/p>\n<p style=\"text-align: justify;\">Indeed, it is conceivable that this executive could be held liable for insufficient assets, since this ill-advised conversion could be considered a management error that contributed to increasing the liabilities of the company in financial distress. Nevertheless, proving a causal link would likely be difficult in practice. <\/p>\n<h5 style=\"text-align: justify;\"><strong>  2.2 During Insolvency Proceedings: How Should the Insolvency Administrator Handle Cryptocurrencies? Valuation Challenges for the Prospective Buyer. <\/strong><\/h5>\n<p style=\"text-align: justify;\">During insolvency proceedings, the key issue is the valuation of cryptocurrencies. If safeguard or judicial reorganization proceedings are initiated, the debtor company\u2019s operations continue during an <span style=\"color: #000080;\">\u201cobservation<\/span> \u201d period<sup>.\u00b9\u2079<\/sup> In order to generate cash for the company\u2014which is essential for financing the continuation of its operations\u2014the bankruptcy trustee may sell the<sup>cryptocurrencies.\u00b2\u2070<\/sup> To do so, the administrator will need to rely on the cooperation of the debtor company\u2019s legal representative to gain access to the various storage methods for the cryptocurrencies<sup>held.\u00b2\u00b9<\/sup>   <\/p>\n<p style=\"text-align: justify;\">It is worth considering whether the insolvency administrator could be held liable if, in an effort to expedite the process, he or she were to sell the cryptocurrencies held by the debtor company at a bargain price, to the detriment of the interests of the insolvency proceedings. Nevertheless, this risk seems theoretical to us, insofar as the bankruptcy trustee will have taken care to obtain prior authorization from the bankruptcy judge to proceed with the sale of these cryptocurrencies. <\/p>\n<p style=\"text-align: justify;\">When a company is subject to reorganization or liquidation proceedings, two possible exit strategies may be considered: the total or partial sale of the business and\/or the separate sale of the company\u2019s various assets.<\/p>\n<p style=\"text-align: justify;\">In the context of a total or partial sale, prospective buyers must submit a price proposal to the Court, taking into account, among other factors, the valuation of these digital assets. However, given their high volatility, it is highly likely that between the time the prospective buyer submits its offer to the Court and the time the Court rules on the offer, the value of the cryptocurrencies will have fluctuated. Consequently, since the submitted acquisition offer cannot be modified until the<sup>Court\u2019s<\/sup> <span style=\"color: #000080;\">decision<\/span>,<sup>22<\/sup> the prospective buyer will have to bear the risk of a crash in the value of the cryptocurrencies.  <\/p>\n<p style=\"text-align: justify;\">In the context of isolated disposals of the debtor company\u2019s assets, the issue of valuation will be avoided through the intervention of the bankruptcy judge, who must authorize the sale of cryptocurrencies at public auction or by private agreement, at the prices and on the terms he or she determines. Consequently, the value of the cryptocurrencies may be determined during the auction, or it will be set in advance by the bankruptcy judge. <\/p>\n<p style=\"text-align: justify;\">Thus, it must be acknowledged that French law governing distressed companies exhibits a certain rigidity that is not particularly compatible with the highly volatile nature of cryptocurrencies. In anticipation of the first French insolvency proceedings involving cryptocurrencies, insolvency practitioners will need to train themselves to handle these very specific assets without undue risk. <\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/bmhavocats.com\/equipe\/anja-droege-gagnier\/\">Anja Droege Gagnier<\/a> and L\u00e9a Marli\u00e8re<\/p>\n<hr>\n<p style=\"text-align: justify;\"><sup>1 Article <\/sup>L.561-2 of the Monetary and Financial Code<\/p>\n<p style=\"text-align: justify;\"><sup>2<\/sup> Ordinances No. 2017-1674 of December 8, 2017, and No. 2016-520 of April 28, 2016, on the \u201cshared electronic registration system \u201d and their implementing decree of December 24, 2018<\/p>\n<p style=\"text-align: justify;\"><sup>3<\/sup> Bill on the Action Plan for Business Growth and Transformation, known as \u201cPACTE\u201d<\/p>\n<p style=\"text-align: justify;\"><sup>4.<\/sup> 2019 Finance Act<\/p>\n<p style=\"text-align: justify;\"><sup>5<\/sup> Articles L.631-1 and L.640-1 of the Commercial Code<\/p>\n<p style=\"text-align: justify;\"><sup>6<\/sup> Specifically, cash on hand, provisional credit balances in demand deposit accounts, demand commercial paper, and credit lines or payment extensions granted by creditors<\/p>\n<p style=\"text-align: justify;\"><sup>7<\/sup> For example, the <a href=\"https:\/\/www.coinbase.com\/\">Coinbase<\/a> website<\/p>\n<p style=\"text-align: justify;\"><sup>8<\/sup> For example, the <a href=\"https:\/\/localbitcoins.com\/\">Local Bitcoins<\/a> website<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/localbitcoins.com\/\"><sup>9<\/sup><\/a> <a href=\"https:\/\/localbitcoins.com\/\">For example, in the case of a specialized cryptocurrency exchange platform<\/a><\/p>\n<p style=\"text-align: justify;\"><sup>10<\/sup> In particular, given its legal obligation to file for insolvency within 45 days of the onset of insolvency (Article L.631-4 of the Commercial Code)<\/p>\n<p style=\"text-align: justify;\"><sup>11<\/sup> Article L. 622-25 of the Commercial Code<\/p>\n<p style=\"text-align: justify;\"><sup>12<\/sup> ESMA, ACPR, AMF, Banque de France, Focus No. 16, \u201cThe Emergence of Bitcoin and Other Crypto-Assets: Challenges, Risks, and Prospects,\u201d March 5, 2018<\/p>\n<p style=\"text-align: justify;\"><sup>13<\/sup> U.S. Bankruptcy Court, Northern District of California, Case No. 14-30725, Hashfast v. Mark Lowe <\/p>\n<p style=\"text-align: justify;\"><sup>14<\/sup> Since the pledge applies only to tangible property, it cannot be upheld<\/p>\n<p style=\"text-align: justify;\"><sup>15<\/sup> In our view, its enforceability against third parties would be contingent upon its registration in a national registry<\/p>\n<p style=\"text-align: justify;\"><sup>16<\/sup> With the exception of certain so-called stable cryptocurrencies, such as the \u201cstablecoin\u201d<\/p>\n<p style=\"text-align: justify;\"><sup>17<\/sup> The period between the date of suspension of payments and the date of the order initiating proceedings<\/p>\n<p style=\"text-align: justify;\"><sup>18<\/sup> Article L.632-1 of the Commercial Code<\/p>\n<p style=\"text-align: justify;\"><sup>19<\/sup> Enabling a detailed assessment of the company&#8217;s condition and the identification of necessary restructuring measures<\/p>\n<p style=\"text-align: justify;\"><sup>20<\/sup> With the approval of the bankruptcy judge<\/p>\n<p style=\"text-align: justify;\"><sup>21<\/sup> For example, a USB drive (\u201chard wallet\u201d) or the keys used to access a digital wallet<\/p>\n<p style=\"text-align: justify;\"><sup>22<\/sup> Except in a more favorable sense<\/p>\n<p>[\/vc_column_text][vc_btn title=&#8221;DOWNLOAD AND PRINT THE ARTICLE&#8221; style=&#8221;outline-custom&#8221; outline_custom_color=&#8221;#092b63&#8243; outline_custom_hover_background=&#8221;#ffc97b&#8221; outline_custom_hover_text=&#8221;#092b63&#8243; shape=&#8221;square&#8221; size=&#8221;lg&#8221; align=&#8221;left&#8221; link=&#8221;url:http%3A%2F%2Fbmhavocats.com%2Fassets%2Fuploads%2F2019%2F03%2FLess-is-more-Les-crypto-monnaies-dans-le-cadre-de-proc%C3%A9dures-collectives-FR_ADR-201903.pdf|target:%20_blank|&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row type=&#8221;vc_default&#8221;][vc_column][vc_video link=&#8221;https:\/\/www.youtube.com\/watch?v=g6tE2ydnO0U&#8221; el_width=&#8221;50&#8243; align=&#8221;center&#8221;][vc_column_text] First appearing in the early 2010s, crypto-assets are true outliers in the French legal landscape. Defined by the Monetary and Financial Code as \u201c any instrument containing, in digital form, units of non-monetary value that can be held or transferred for the purpose of acquiring goods or services, but which [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":31728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-32153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>[RESTRUCTURING] Cryptocurrencies in Insolvency Proceedings in France: How Should Volatile Assets Be Handled? - BMH Avocats<\/title>\n<meta name=\"description\" content=\"It is likely that insolvency proceedings will soon be initiated against a French company that holds digital assets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bmhavocats.com\/en\/2019\/02\/17\/restructuring-cryptocurrencies-in-insolvency-proceedings-in-france-how-should-volatile-assets-be-handled\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"[RESTRUCTURING] Cryptocurrencies in Insolvency Proceedings in France: How Should Volatile Assets Be Handled? 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