Bankruptcy Law

The objective of the conciliation procedure is the conclusion of an amicable agreement (accord amiable) between the debtor and its main creditors, as well as, where applicable, its usual contracting partners, intended to put an end to the company's difficulties. It may also aim at safeguarding the company, continuing the economic activity and maintaining employment. Participation in a conciliation …

Agreement and choice of parties

The objective of the conciliation procedure is the conclusion of an amicable agreement (accord amiable) between the debtor and its main creditors, as well as, where applicable, its usual contracting partners, intended to put an end to the company's difficulties. It may also aim at safeguarding the company, continuing the economic activity and maintaining employment. Participation in a conciliation procedure is purely voluntary: not all creditors are necessarily called upon to participate in the procedure and the latter may concern only part of the claims of a contracting partner . The procedure may bring together not only the debtor's private creditors and contracting partners, but also its public creditors. Indeed, the financial authorities, social security bodies, institutions managing the unemployment insurance scheme and those managing the supplementary social protection of employees are also invited to grant debt debates, assignments of rank of lien or mortgages or the waiver of these securities under conditions similar to those that would be granted, under normal market conditions, by a private economic operator placed in the same situation .

By its contractual nature, the agreement concluded between the parties is subject to common contract law. Consequently, by virtue of the principle of the relative effect of agreements, only the parties to the agreement are bound by the commitments entered into: creditors who have refused to participate in the proceedings or have not been called upon to do so are not bound by the terms of the agreement and are not subject to the stay of proceedings. However, the agreement of the parties is binding on them. The agreement may be either recorded or homologated. Historically , only agreements between the debtor and all his creditors could be homologated by judgment of the president of the Commercial Court, without any particular consequence being attached to the court's imprimatur. The other agreements, enclosed in a writing signed by the debtor and some of his creditors as well as the conciliator, were only “noted”. The successive reforms of the law governing companies in difficulty have brought the effects of recorded and homologated agreements closer together, even if the law of 26 July 2005 has greatly accentuated the interest of homologation for the creditors while subjecting it to new conditions.

Cass. crim., 13 October 1998, LawLex202100001233JBJ.

Commercial Code, Art. L. 611-7, which refers to the provisions of Article L. 626-6. 

Law No 94-475 of 10 June 1994 on the prevention and treatment of business difficulties, OJ 11 June 1994.

Bankruptcy Law

29. Agreement and choice of parties

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Les notions juridiques connexes

29. Agreement and choice of parties

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Les décisions de justice citées dans ce paragraphe :

Sous parties

Les notions juridiques connexes

Demandez un accès gratuit
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