{"id":32478,"date":"2021-11-05T09:18:10","date_gmt":"2021-11-05T08:18:10","guid":{"rendered":"https:\/\/bmhavocats.com\/2021\/11\/05\/restructuring-the-reform-of-insolvency-proceedings-in-france-revolution-or-evolution\/"},"modified":"2026-06-30T12:51:31","modified_gmt":"2026-06-30T10:51:31","slug":"restructuring-the-reform-of-insolvency-proceedings-in-france-revolution-or-evolution","status":"publish","type":"post","link":"https:\/\/bmhavocats.com\/en\/2021\/11\/05\/restructuring-the-reform-of-insolvency-proceedings-in-france-revolution-or-evolution\/","title":{"rendered":"[RESTRUCTURING] The Reform of Insolvency Proceedings in France: Revolution or Evolution?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<p style=\"text-align: justify;\">By an order dated September 15, 2021, France finally transposed European Directive 2019\/1023\/EU <a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> into national law and took this opportunity to reform other aspects of its collective proceedings.<\/p>\n<p style=\"text-align: justify;\">Driven by European law, France\u2014known for its debtor-friendly system\u2014had no choice but to readjust the influence of creditors in insolvency proceedings.<\/p>\n<p style=\"text-align: justify;\">But what will be the practical consequences of this reform for creditors and shareholders in the context of insolvency proceedings <a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a>?<\/p>\n<p style=\"text-align: justify;\">Read more in our latest newsletter, #LessIsMore!<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Unlike other member states, France has been offering pre-insolvency proceedings\u2014namely, <em>the mandat ad hoc<\/em> and <em>conciliation<\/em> \u2014for many years <a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a>, as they have proven to be effective: 75% <a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a> of these consensual, confidential, and expedited proceedings\u2014available to debtors who are not yet insolvent <a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a> \u2014result in an agreement with their main creditors <a href=\"#_ftn6\" name=\"_ftnref6\">[6]<\/a>. Negotiations under a <em>mandat ad hoc<\/em> or <em>conciliation<\/em> are conducted under the supervision of an insolvency practitioner appointed by the court at the debtor\u2019s request. The creditor has no say in the selection of the appointed practitioner, whose goal remains the rescue of the debtor and the preservation of related jobs. However, no statistics exist in France regarding the long-term viability of debtors restructured in this manner.   <\/p>\n<p style=\"text-align: justify;\">These pre-insolvency proceedings remain essentially unchanged by the Reform, although some provisions of the \u201cCOVID legislation\u201d were retained <a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a>, such as the request for a stay of enforcement measures that a creditor <a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a> may file during the negotiations <a href=\"#_ftn9\" name=\"_ftnref9\">[9]<\/a>. Moreover, although <em>conciliation<\/em> proceedings are available to debtors regardless of their size, in practice, these proceedings are primarily used by large companies. The reason may be not only the lack of information faced by SMEs, but also the significant costs associated with these restructuring proceedings\u2014such as fees for the conciliator, lawyers, and financial advisors\u2014which are freely determined. The Reform now requires the debtor to disclose to the court all costs incurred during pre-insolvency proceedings, including fees invoiced by creditors\u2019 advisors but borne by the debtor <a href=\"#_ftn10\" name=\"_ftnref10\">[10]<\/a>. The court must acknowledge these costs prior to approval <a href=\"#_ftn11\" name=\"_ftnref11\">[11]<\/a> or the homologation of the agreement entered into as a result of the <em>conciliation<\/em> proceedings <a href=\"#_ftn12\" name=\"_ftnref12\">[12]<\/a>.    <\/p>\n<p style=\"text-align: justify;\">Since October<sup>1<\/sup>, 2021, the new \u201caccelerated safeguard\u201d <a href=\"#_ftn13\" name=\"_ftnref13\">[13]<\/a><em> (\u201csauvegarde accel\u00e9r\u00e9e\u201d)<\/em>, a pre-insolvency procedure already included in Annex A of European Regulation 2015\/848 <a href=\"#_ftn14\" name=\"_ftnref14\">[14]<\/a>, has been in effect in accordance with the requirements of the Directive: it is fast (maximum 4 months), public, and triggers a general stay for creditors. Above all, however, it requires the insolvency administrator to establish classes of creditors affected by the restructuring plan. This plan is drafted during the <em>conciliation<\/em> process, which is a mandatory preliminary step in the accelerated safeguard procedure.  <\/p>\n<p style=\"text-align: justify;\">Driven by European law, France\u2014which is known for its debtor-friendly system\u2014had no choice but to recalibrate the influence of creditors in insolvency proceedings. But what will be the concrete consequences of the reform for creditors and equity holders in the context of a restructuring plan? <\/p>\n<p>&nbsp;<\/p>\n<p style=\"padding-left: 40px;\"><strong><u>1. Creditors vote in classes of affected parties and can be \u201ccrammed down\u201d<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong><em>Replacement of the rarely established creditors&#8217; committees<\/em><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The classes of affected parties replace the former creditors\u2019 committees, an institution that did not take into account the economic reality of claims and was only marginally implemented in practice. Consultation with individual creditors therefore inevitably took precedence and prevented the development of realistic restructuring plans. Indeed, under French law, it is not possible to force an individual creditor to waive its claim, either in whole or in part.  <\/p>\n<p style=\"text-align: justify;\">As a result, in practice, restructuring plans in France proved to be economically unrealistic without debt write-downs, so that in many cases the sale of the business was the only option. A business sale as part of insolvency proceedings generally represents the worst possible recovery a creditor could receive\u2014if any at all\u2014since the price is sometimes so low that even secured creditors do not recover their claims, or recover only a (small) portion of them. Indeed, courts generally prefer an offer that preserves as many jobs as possible over one that offers an attractive purchase price.  <\/p>\n<p style=\"text-align: justify;\">It should be noted that under French law, the creditors\u2019 opinion is sought only in connection with a restructuring plan, but not in the event of a business sale, which is always decided by the court <a href=\"#_ftn15\" name=\"_ftnref15\">[15]<\/a>. This rule was not changed by the Reform. <\/p>\n<ul>\n<li><strong><em>Establishment of Creditor Classes<\/em><\/strong><\/li>\n<\/ul>\n<p>If a restructuring plan is being considered, from now on, the judicial administrator must establish classes of affected parties within the framework of:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>accelerated safeguard proceedings <em>(\u201csauvegarde accel\u00e9r\u00e9e\u201d)<\/em>;<\/li>\n<li>safeguard and reorganization proceedings (<em>\u201csauvegarde et<\/em> <em>redressement judiciaire\u201d) only <\/em>when the relevant thresholds are exceeded <a href=\"#_ftn16\" name=\"_ftnref16\">[16]<\/a>. It should be noted, however, that the relevant thresholds are relatively high, so that voting by creditors in classes would generally be the norm only for large-cap companies <a href=\"#_ftn17\" name=\"_ftnref17\">[17]<\/a>. <\/li>\n<li>or when the debtor requests it <a href=\"#_ftn18\" name=\"_ftnref18\">[18]<\/a>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">The formation of creditor classes follows the recommendations of the Directive. Creditors with similar economic interests will be grouped into classes, with a minimum of two classes: secured and unsecured. However, the selection of affected parties is very flexible and may be limited to financial creditors in the context of accelerated safeguard proceedings. Employees\u2019 claims are always excluded.   <\/p>\n<p>Each class of affected parties votes on the restructuring plan based on a<sup>two-thirds<\/sup> majority of the amount of the claim, not the number of claimants.<\/p>\n<ul>\n<li><strong><em>The cross-class cram-down mechanism<\/em><\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Cross-class cram-down should facilitate the adoption of an economically realistic plan, provided that the debtor agrees to it <a href=\"#_ftn19\" name=\"_ftnref19\">[19]<\/a> and that at least one class that is \u201cin the money\u201d <a href=\"#_ftn20\" name=\"_ftnref20\">[20]<\/a>\u2014but which is not the equity holders\u2019 class\u2014has voted in favor of the plan. Before approving the restructuring plan, the court reviews whether the plan complies with the best-interests test and the absolute priority rule, even though the court has the authority to permit certain exceptions <a href=\"#_ftn21\" name=\"_ftnref21\">[21]<\/a>. Such exceptions must be necessary to achieve the plan\u2019s objectives, and the plan must not unduly prejudice the rights or interests of affected parties.  <\/p>\n<p style=\"text-align: justify;\">Under reorganization proceedings (<em>\u201credressement judiciaire\u201d)<\/em>, any affected party may propose an alternative restructuring plan. This is not permitted in pre-insolvency proceedings, accelerated safeguard proceedings, or safeguard proceedings, where only the debtor may submit a plan. <\/p>\n<p style=\"text-align: justify;\">However, in any case, even though creditors may now be more effectively involved in the design of restructuring plans, their authority remains subject to the court, which has the final say. Regrettably, the Reform did not extend creditors\u2019 voting rights to business sales, which remain under the sole authority of the insolvency courts. <\/p>\n<p style=\"padding-left: 40px;\"><strong><u>2. Equity holders who are \u201cout of the money\u201d may be forced out<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The Directive sought to prevent equity holders of a debtor company who are \u201cout of the money\u201d from blocking the adoption of restructuring plans that would allow the company to return to viability.<\/p>\n<p style=\"text-align: justify;\">A major innovation in France is that equity holders can now be placed in a class as soon as their rights are affected by the proposed plan, such as a debt-to-equity swap. During the preparation of the Reform, the establishment of one or more classes for equity holders was highly controversial, as it touches on the absolute right to property. Furthermore, under corporate law, any change to the capital requires a vote at a general meeting.  <\/p>\n<p style=\"text-align: justify;\">From now on, equity holders may be deprived of their rights in the capital through a cross-class cram-down under the following conditions: i) The debtor exceeds the thresholds, i.e., 250 employees and \u20ac20 million in revenue, or alternatively \u20ac40 million in revenue; ii) the equity holders are \u201cout of the money\u201d based on a going-concern valuation in the event of liquidation or a business sale, both in insolvency proceedings; iii) the shareholders must be granted a preferential subscription right if the plan provides for a capital increase through a cash injection; iv) the plan does not include a sale of all or part of their equity interests.    <\/p>\n<p style=\"text-align: justify;\">The court\u2019s approval of the plan is deemed to validly amend the debtor\u2019s capital and articles of association, without the need for an additional vote at a general meeting. This is a rather elegant technical solution. <\/p>\n<p style=\"text-align: justify;\">Under French law, the conversion of a creditor\u2019s claim into capital (debt-to-equity swap) is treated as a capital increase in cash at face value (and not in kind, as in some other jurisdictions), thereby preventing the valuation of the claim. Dissenting shareholders may subscribe only in cash, but they are entitled to preferential subscription rights. <\/p>\n<p style=\"text-align: justify;\">In practice, it should be noted that squeezing out dissenting equity holders may not be so easy in the context of accelerated safeguard or safeguard proceedings, as the debtor (acting through its legal representatives) must consent to the plan and submit it to the court. This could pose a problem, as the shareholders may prevent the debtor from giving such consent\u2014for example, by removing the debtor from office. This difficulty does not exist in reorganization proceedings (<em>\u201credressement judiciaire\u201d)<\/em>, since the debtor no longer has a say; a creditor can propose an alternative plan.  <\/p>\n<p style=\"text-align: justify;\">The new legal option of a debt-to-equity swap achieved by squeezing out equity holders who are \u201cout of the money\u201d is nevertheless a welcome tool, as this was previously only possible through lengthy and sometimes grueling negotiations <a href=\"#_ftn22\" name=\"_ftnref22\">[22]<\/a>.  <em> <\/em><\/p>\n<p style=\"text-align: justify;\">All in all, with regard to restructuring plans, French insolvency law now clearly meets international standards. However, the French system still prioritizes the debtor\u2019s rescue and the preservation of related jobs over creditors\u2019 investments, so the reform represents more of an evolution than a revolution. Still, it is a positive step.  <\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/bmhavocats.com\/equipe\/anja-droege-gagnier\/\">Anja Droege Gagnier<\/a>, <a href=\"https:\/\/bmhavocats.com\/equipe\/amelie-dorst\/\">Am\u00e9lie Dorst<\/a>, Margaux Romano<\/p>\n<hr>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Directive (EU) 2019\/1023 of the European Parliament and of the Council of June 20, 2019, on preventive restructuring frameworks, on debt discharge and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency, and debt discharge, and amending Directive (EU) 2017\/1132.<\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> The Reform took effect on October<sup>1<\/sup>, 2021, for proceedings initiated on or after that date.<\/p>\n<p><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> Since 1985.<\/p>\n<p><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a> \u201cStruggling Businesses in France in 2020: Are Some Companies \u2018Asymptomatic\u2019 in the Face of the Pandemic?\u201d, May 2021, Altares Deloitte<\/p>\n<p><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a> \u201cInsolvent\u201d means unable to pay debts when they become due.<\/p>\n<p><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a> Minor creditors, non-financial creditors, or suppliers are very often not involved in pre-insolvency proceedings so as not to disrupt business operations.<\/p>\n<p><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a> Ordinance No. 2020-596 dated May 20, 2020, Art. 5; For more details, see our article<em>\u201cFrench Insolvency Rules Reformed in Light of the COVID-19 Pandemic: Are They Going Too Far?\u201d,<\/em> IBA Insolvency and Restructuring International \u2013 Vol. 14, September 2020<\/p>\n<p><a href=\"#_ftnref8\" name=\"_ftn8\">[8]<\/a> Whether or not involved in the conciliation proceedings.<\/p>\n<p><a href=\"#_ftnref9\" name=\"_ftn9\">[9]<\/a> In addition to payment grace periods of up to two years (Article L. 611-7 of the Commercial Code)<\/p>\n<p><a href=\"#_ftnref10\" name=\"_ftn10\">[10]<\/a> Article R 611-39-1 of the Commercial Code.<\/p>\n<p><a href=\"#_ftnref11\" name=\"_ftn11\">[11]<\/a><em>\u201cfinding\u201d<\/em><\/p>\n<p><a href=\"#_ftnref12\" name=\"_ftn12\">[12]<\/a> However, the court does not regulate the fees.<\/p>\n<p><a href=\"#_ftnref13\" name=\"_ftn13\">[13]<\/a> The new accelerated safeguard proceedings combine the former accelerated safeguard <em>(\u201csauvegarde accel\u00e9r\u00e9e\u201d) and <\/em>the accelerated financial safeguard (<em>\u201csauvegarde financi\u00e8re acc\u00e9l\u00e9r\u00e9e\u201d<\/em>). While these former proceedings were designed for large-cap companies, the Reform removes all applicable thresholds so that all companies, regardless of their size, will now have access to the new accelerated safeguard. <\/p>\n<p><a href=\"#_ftnref14\" name=\"_ftn14\">[14]<\/a> France therefore has an advantage over other EU member states whose new pre-insolvency proceedings do not yet benefit from automatic recognition within the EU until they are included in Annex A of Regulation (EU) No. 2015\/848.<\/p>\n<p><a href=\"#_ftnref15\" name=\"_ftn15\">[15]<\/a> Even though a creditor appointed as a so-called \u201ccontroller\u201d may express an opinion on the proposed sale of the business, that opinion is not binding. <\/p>\n<p><a href=\"#_ftnref16\" name=\"_ftn16\">[16]<\/a> 250 employees and 20MEUR in revenue; or 40 MEUR in revenue.<\/p>\n<p><a href=\"#_ftnref17\" name=\"_ftn17\">[17]<\/a> Although the establishment of creditor classes is mandatory in accelerated safeguard proceedings regardless of the debtor\u2019s size, in practice these proceedings are often unknown to small and mid-cap companies, for whom pre-insolvency proceedings are unfamiliar or too costly.<\/p>\n<p><a href=\"#_ftnref18\" name=\"_ftn18\">[18]<\/a> Subject to prior approval by the insolvency judge (&#8220;<em>juge-commissaire<\/em>&#8220;).<\/p>\n<p><a href=\"#_ftnref19\" name=\"_ftn19\">[19]<\/a> In <em>accelerated safeguard<\/em> and <em>safeguard<\/em> proceedings, but not in reorganization proceedings (<em>\u201credressement judiciaire\u201d<\/em>), where the debtor\u2019s approval is not required.<\/p>\n<p><a href=\"#_ftnref20\" name=\"_ftn20\">[20]<\/a> i.e., which, after determining the value of the debtor as a going concern, could reasonably be expected not to be entitled to any payment or retain any interest when applying the order of priority for distributions in the context of a judicial liquidation or an asset sale.<\/p>\n<p><a href=\"#_ftnref21\" name=\"_ftn21\">[21]<\/a> Within the limits set forth in Article 11(2) of the Directive.<\/p>\n<p><a href=\"#_ftnref22\" name=\"_ftn22\">[22]<\/a> A legal exception did exist, however, but it was never invoked\u2014Article L. 631-19-2 of the Commercial Code[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;vc_default&#8221;][vc_column][vc_btn title=&#8221;DOWNLOAD THE ARTICLE&#8221; style=&#8221;outline-custom&#8221; outline_custom_color=&#8221;#092b63&#8243; outline_custom_hover_background=&#8221;#E7E6E6&#8243; outline_custom_hover_text=&#8221;#092B63&#8243; shape=&#8221;square&#8221; size=&#8221;lg&#8221; align=&#8221;left&#8221; css=&#8221;&#8221; link=&#8221;url:https%3A%2F%2Fbmhavocats.com%2Fassets%2Fuploads%2F2025%2F10%2FLess-is-more_2021_Transposition-in-France-of-the-Restructuring-and-Insolvency-Di_02198598.pdf|&#8221;][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] By an order dated September 15, 2021, France finally transposed European Directive 2019\/1023\/EU [1] into national law and took this opportunity to reform other aspects of its collective proceedings. Driven by European law, France\u2014known for its debtor-friendly system\u2014had no choice but to readjust the influence of creditors in insolvency proceedings. But what will be [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":32002,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[969,964],"tags":[],"class_list":["post-32478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-less-is-more"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reform of Insolvency Proceedings in France: Revolution or Evolution?<\/title>\n<meta name=\"description\" content=\"By order dated September 15, 2021, France transposed European Directive 2019\/1023\/EU into national law...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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