Bankruptcy Law

Under the terms of Article L. 642-2, V of the Commercial Code , the takeover offer may not be amended or withdrawn, except in a way that is more favorable to the objectives of maintaining the business, all or some of the jobs attached to it and paying off the liabilities. It is binding on its author until the court has adopted the plan.
Any amendments to the offers are communicated by the receiver …

Irrevocability of the offer

Under the terms of Article L. 642-2, V of the Commercial Code , the takeover offer may not be amended or withdrawn, except in a way that is more favorable to the objectives of maintaining the business, all or some of the jobs attached to it and paying off the liabilities. It is binding on its author until the court has adopted the plan.

Any amendments to the offers are communicated by the receiver, if one has been appointed, to the debtor, the staff representative and the controllers . No amendment may be made to an offer less than two business days before the date set for the court to examine the offers, failing which it will be inadmissible.

Nor may the author of the offer withdraw it. A purchaser whose offer is accepted by the court when it adopts the plan for the disposal of a company in receivership remains bound by its offer  and is obliged to implement the plan, even if an appeal is lodged by certain holders of the contracts sold . A proposed acquirer commits a fault if it unilaterally withdraws its offer before the court renders its judgment . However, in the event of an appeal against the judgment must adopting the plan, the proposed acquirer may amend its offer in any way that improves it .

Applicable to the receivership procedure on reference from art. L. 631-22.

C. com. R. 642-1, para. 2, applicable to the receivership procedure by reference to art. R. 631-40 C. com.

C. com. L. 642-2, V, para. 2, applicable to the receivership procedure by reference to art. L. 631-22 C. com.

Cass. com., 9 June 1992, LawLex202300002549JBJ (RJ).

CA Versailles, 8 December 2020, LawLex202300002518JBJ (RJ).

Cass. com., 26 June 1990, LawLex202200010068JBJ (RJ).

Bankruptcy Law

596. Irrevocability of the offer

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596. Irrevocability of the offer

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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