Delphine Caramalli and Guilhem Bremond ask what liabilities shareholders of French companies are exposed to in cases of bankruptcy No statutory rules on shareholders liability as such exist under French law but, in certain circumstances, French judges can hold shareholders liable should the company they invested in be liquidated as a result of a bankruptcy proceeding. Article L.

Turnaround Wing: Proudly looking back to its 5th birthday in Paris 2013 We were again an important part of the technical programme with two sessions (“Shipping industry – the perfect storm?”; “Why do restructurings fail?”) which were both well attended and well received. Our Business meeting on Friday evening was well attended not only because of free wine and snacks... At this meeting we discussed future goals of this tremendously important group within INSOL Europe.

Russia: Bankruptcies in the banking sector.

Marie-Christine Vabre opened the Paris 2013 Congress with an interesting story of “How to be successful in a tricky field”, with advice that can be applied to all industries

SAUR (Société d’Aménagement Urbain et Rural), France’s third largest private water company, has successfully completed a restructuring of its €1.8 billion debt with a rare thing in that country – a lender-led debt-for- equity swap of an LBO.

In the Middle Ages, when bankruptcy was in its infancy, options for debtors were limited.

Fredric Cohen and Luc Marty ask why does it matter to deal with financial downturns ahead of insolvency from the director's liability point of view?

Chapter 11 is known as a forum for reorganising or selling a financially distressed business. Chapter 11 allows companies to reject burden some contractual obligations, to shed non-core assets, and to “cleanup” the balance sheet by writing off unsecured debt.

The construction sector in France and in Europe has been deeply damaged by the economic crisis.

Drafted in the context of a World Bank project, the Romanian Insolvency Code will be the first instrument of such complexity in the European Union