Bankruptcy Law

The liquidator, or the receiver where one has been appointed, provides the court with all information enabling it to assess the serious nature of the offer, and whether the bidder is a third party within the meaning of Article L. 642-3 . It also includes all information enabling it to assess the conditions for discharging the liabilities, in particular with regard to the price offered, the residua …

Offer selection

The liquidator, or the receiver where one has been appointed, provides the court with all information enabling it to assess the serious nature of the offer, and whether the bidder is a third party within the meaning of Article L. 642-3 . It also includes all information enabling it to assess the conditions for discharging the liabilities, in particular with regard to the price offered, the residual assets to be recovered or realized, the debts from the period of continued operation and, where applicable, the other debts remaining to be borne by the debtor .

In accordance with Article L. 642-5(1) of the Commercial Code, after obtaining the opinion of the public prosecutor and hearing or duly summoning the debtor, the liquidator or receiver, where one has been appointed, the person(s) appointed by the social and economic committee and the auditors, the court selects the offer which, under the best possible conditions, ensures the longest-lasting employment attached to the assets sold and the payment of creditors, and which offers the best performance guarantees. It decides on one or more disposal plans. Discussions must take place in the presence of the public prosecutor when the procedure is opened for a debtor with more than 20 employees or sales excluding taxes of EUR 3 million . In assessing the proposed price, the court must weigh up all the parameters involved, and take into account, in particular, the fact that the business is losing business and is subject to fierce competition .

An offer from a company operating in the same business sector as the company being sold, which constitutes a serious proposal, supported and guaranteed by its bank, and which is genuinely feasible, should be selected, provided that it offers the best conditions for securing the jobs attached to the business in the long term . On the other hand, a takeover offer made in the context of a sale plan that does not provide for the takeover of all the employees of the company being sold, even though this is a requirement of public policy, cannot be accepted .

C. com., art. L. 642-5, al. 2 and R. 642-2.

CA Montpellier, 26 October 2010, LawLex202200009989JBJ (RJ).

CA Paris, 18 May 2017, LawLex202300002519JBJ (LJ).

Bankruptcy Law

884. Offer selection

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884. Offer selection

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Les décisions de justice citées dans ce paragraphe :

Les notions juridiques connexes

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