The French conciliation procedure, introduced in 2005, has become such a key procedure in France that it cannot be ignored. For any restructuring involving France (whether partially or wholly), the possibility of a conciliation procedure has to be seriously considered.
Concept of conciliation procedure
PARLIB01/ZZZPARP/1030762.3 Hogan Lovells French Legal and Regulatory Update – May 2016 The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for May 2016. Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.
Fidèle à sa jurisprudence, la Cour de cassation réitère sa position : de la seule fonction de dirigeant ne peut se déduire la qualité de caution avertie. En pareil cas, c’est à l’établissement de crédit de prouver qu’il s’est acquitté de son devoir de mise en garde lorsqu’il en est effectivement tenu.
Increased vigilance required in actions for recovery: a "yes, but" does not constitute acceptance
In the presence of a retention of title clause where collective insolvency proceedings are initiated against a debtor, the creditor must file a request for the recovery of goods sold under the retention of title clause before the judicial administrator within three months from the date the opening judgment is published in the Bodacc (Official Bulletin of Civil and Commercial announcements).
Summary
A new law which came into force on 8 August 2015 now permits a French court to enforce debt-for-equity swaps. Where the debtor company is in judicial reorganisation proceedings (redressement judiciaire) and if certain conditions are met, the court can either:
Law n°2015 990 for growth, activity and equality of economic opportunities, the Macron Law, was finally adopted on 6 August 2015. This law covers a wide range of matters from Sunday working, reform of regulated legal professions to driving licences.
Relaxing of the Regime for Free Shares
Sommaire
- Le devoir de conseil du prestataire informatique
- Inopposabilité par la caution de la clause de conciliation préalable contenue dans un contrat de prêt
- Le devoir de conseil et d’information du conseil en gestion de patrimoine
- La notion d’investisseur averti
- Absence de subsidiarité de la responsabilité des professionnels du droit
- Dématérialisation des procédures collectives
Le devoir de conseil du prestataire informatique
Amendments to the rules of deductibility of interest expenses
Further restrictions to deductibility of interest expenses incurred in relation to a share purchase1
This quick guide summarises the duties that a managing director of a German GmbH (hereinafter "director") is subject to, and how those duties change when the company is insolvent or at risk of being insolvent.
It also gives an overview of the personal risk to directors when the company is in financial difficulty.