Bankruptcy Law

Article L. 626-10 of the Commercial Code provides that the plan designates the persons required to implement it and mentions all the commitments made by them that are necessary to safeguard the business. The judgment adopting the plan is notified to them by the registrar .
The Ordinance of 15 September 2021  amended the text, which now specifies that the plan must mention separately the cash contr …

Designation and commitments

Article L. 626-10 of the Commercial Code provides that the plan designates the persons required to implement it and mentions all the commitments made by them that are necessary to safeguard the business. The judgment adopting the plan is notified to them by the registrar .

The Ordinance of 15 September 2021  amended the text, which now specifies that the plan must mention separately the cash contributions of the persons who have undertaken to make them for the execution of the safeguard plan adopted by the court. These commitments relate to the future of the business, the methods of maintaining and financing the business, the settlement of liabilities subject to declaration and, where applicable, the guarantees provided to ensure their execution.

The ordinance also added a clarification relating to commitments for the settlement of liabilities. These can be established on the basis of a certificate from the chartered accountant or the statutory auditor, and they relate to claims that have been admitted or not contested, as well as to identifiable claims, in particular those for which the time-limit for declaration has not expired.

In addition, the persons who will implement the plan, even as partners, may not have any obligations imposed on them other than the commitments they have made during its preparation, subject to the provisions of Article L. 626-3.

Finally, the Ordinance provides that claims resulting from cash contributions benefit from a payment privilege since they are paid immediately after the payment of wage claims whose amount has not been advanced by the AGS . This provision does not apply to contributions made by the debtor's shareholders and associates in the context of a capital increase. It cannot benefit, directly or indirectly, creditors in respect of their contributions prior to the opening of the procedure.

Ordinance No 2021-1193 of 15 September 2021 amending Book VI of the Commercial Code.

Bankruptcy Law

260. Designation and commitments

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Les notions juridiques connexes

260. Designation and commitments

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise