Bankruptcy Law

Article L. 626-18(4) of the Commercial Code, which is applicable to the receivership procedure by reference to Article L. 631-19, allows the court to impose uniform payment deadlines on creditors who have not accepted deadlines, discounts or the conversion of their claims into capital securities. The court alone has the power to impose uniform deadlines on creditors who have refused to accept time …

Uniform payment deadlines

Article L. 626-18(4) of the Commercial Code, which is applicable to the receivership procedure by reference to Article L. 631-19, allows the court to impose uniform payment deadlines on creditors who have not accepted deadlines, discounts or the conversion of their claims into capital securities. The court alone has the power to impose uniform deadlines on creditors who have refused to accept time periods and remissions, without the creditors having to be consulted .

If uniform payment periods are imposed on creditors, the amount of each of the annual instalments provided for in the plan, from the third year onwards, may not be less than 5% of each of the admitted claims and, from the sixth year onwards, 10%, except in the case of a farm. The payment deadlines imposed may not exceed the duration of the plan .

In addition, where the principal of a claim remains due in full on the date of the first payment provided for in the plan, repayment begins on the date of the annual instalment provided for in the plan that follows the due date provided for by the parties before the opening of the procedure. On this date, the principal is paid up to the amount that would have been received by the creditor if it had been subject since the beginning of the plan to the uniform payment deadlines imposed by the court on other creditors. The amount paid in respect of subsequent annual instalments is determined in accordance with the uniform payment periods imposed on other creditors. If no creditor has been subject to uniform payment periods, the amount paid in respect of subsequent annual instalments corresponds to equal annual fractions of the outstanding principal.

Lastly, Article L. 626-19  stipulates that the plan may provide for a choice for creditors involving payment within a uniform shorter timeframe but with a proportional reduction in the amount of the claim. The reduction in the amount of the claim is not definitively acquired until the last payment due under the plan has been made by the set deadline.

Cass. com., 6 February 1996, LawLex202200004106JBJ (RJ).

For an application, see CA Saint-Denis de la Réunion, 13 April 2021, LawLex202200006044JBJ (S).

Applicable to the receivership by virtue of art. L. 631-19 C. com.

Bankruptcy Law

558. Uniform payment deadlines

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558. Uniform payment deadlines

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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au contenu exclusif Livv – juristes d’entreprise