Bankruptcy Law

The professional recovery procedure was instituted by the Ordinance of 12 March 2014 , in Articles L. 645-1 et seq. of the Commercial Code. It avoids the cumbersome procedures of judicial liquidation, which are unsuitable for small businesses, and offers debtors who are in cessation of payments and meet the legal conditions the option of having their debts written off. The purpose of the professional recovery procedure is to deal rapidly with the difficulties encountered by a debtor whose assets are small, so as to enable him or her to bounce back as quickly as possible.

Ordinance 2014-326 of 12 March 2014 reforming the prevention of business difficulties and insolvency proceedings.

962. Introduction