Bankruptcy Law

Prior to the Act of 25 January 1985 , creditors prior to the court ruling opening the insolvency procedure were considered as a “body of creditors”, an institution with legal personality and consequently entitled to take legal action and own assets. The Act of 25 January 1985 replaced the “body of creditors” with a mechanism for the legal representation of creditors, which deprived them of the rig …

Reconstitution of the joint pledge of creditors

Prior to the Act of 25 January 1985 , creditors prior to the court ruling opening the insolvency procedure were considered as a “body of creditors”, an institution with legal personality and consequently entitled to take legal action and own assets. The Act of 25 January 1985 replaced the “body of creditors” with a mechanism for the legal representation of creditors, which deprived them of the right to take action for compensation of collective losses.

Article L. 622-20 of the Commercial Code, applicable to the court-supervised liquidation procedure on the basis of Article L. 641-4, gives the liquidator the task of taking any action in the name and in the collective interest of the creditors, in order to represent their interests. In particular, the liquidator acts against third parties whose conduct has impoverished the debtor prior to the opening of the court-supervised liquidation. Action taken in the collective interest of creditors is designed to protect and reconstitute their common pledge  in order to ensure their satisfaction.

Law 85-98 of 25 January 1985 on receivership and court-supervised liquidation of companies.

Cass. com., 2 June 2015, LawLex202100001543JBJ (RJ).

Bankruptcy Law

808. Reconstitution of the joint pledge of creditors

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808. Reconstitution of the joint pledge of creditors

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Les décisions de justice citées dans ce paragraphe :

Sous parties

Les notions juridiques connexes

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au contenu exclusif Livv – juristes d’entreprise