Bankruptcy Law

Article L. 631-10(2) of the Commercial Code allows the receiver to open a special blocked account, in the name of the account holder and held by the company or the financial intermediary, as the case may be, in order to place the manager's equity securities or securities giving access to the capital. No movements may be made on this account without the authorization of the bankruptcy judge.  The s …

Conservatory measures on holdings

Article L. 631-10(2) of the Commercial Code allows the receiver to open a special blocked account, in the name of the account holder and held by the company or the financial intermediary, as the case may be, in order to place the manager's equity securities or securities giving access to the capital. No movements may be made on this account without the authorization of the bankruptcy judge.  The seizure of an executive's shares is null and void, and its release is justified, if no prior authorization has been granted by the bankruptcy judge .

Paragraph 3 adds that the manager shall, where appropriate, have the non-transferability of shares held directly or indirectly by the directors recorded in the company's registers. However, the legal non-transferability of a manager's shares, which constitutes an automatic protective measure, need not be specifically publicized .

In addition, in accordance with Article L. 631-10-1 of the Commercial Code, at the request of the receiver or the legal representative, the president of the court seized of the case may order any useful protective measure with regard to the assets of the de jure or de facto manager against whom the receiver or the legal representative has brought a liability action based on a fault that has contributed to the debtor's cessation of payments. The registration of a legal mortgage on a manager's property is justified when it is useful for the preservation of the collective interest of creditors, without it being necessary to establish that it is intended to counter a risk of organizing his insolvency or a threat to the recovery of the debt . Accordingly, a precautionary measure taken against a manager's real estate to secure payment of his debt is justified when its recovery is threatened . The conditions for notifying a manager of the implementation of the court's authorization to take precautionary measures are governed by the ordinary law of enforcement .

Without violating the provisions of Article 1 of the Additional Protocol to the Convention for the Protection of Human Rights and Fundamental Freedoms, or those of Article 67 of the Law of 9 July 1991, the president of the court may order any protective measures, on the sole basis of their usefulness, in respect of the assets of the managers and permanent representatives of corporate directors .

CA Bordeaux, 1st June 2016, LawLex202200009471JBJ (RJ).

CA Dijon, 14 August 2014, LawLex202200009537JBJ (LJ).

CA Nîmes, 6 November 2014, LawLex202200009540JBJ (LJ).

Cass. com., 31 May 2011, LawLex202200010367JBJ (LJ).

Bankruptcy Law

334. Conservatory measures on holdings

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334. Conservatory measures on holdings

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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