Apport de la loi de modernisation de la justice du XXIe siècle

Une nouvelle définition du motif économique de licenciement

La Loi Travail a intégré, à compter du 1er décembre 2016, deux nouveaux motifs de licenciement économique consacrés par la jurisprudence : la réorganisation de l’entreprise nécessaire à la sauvegarde de sa compétitivité et la cessation d’activité. La Loi Travail a également précisé la notion de difficultés économiques à l’aide d’indicateurs tels que la baisse significative des commandes ou du chiffre d’affaires ou encore l’augmentation des pertes d’exploitation (article L.1233- 3 du Code du travail).

Insolvency Proceedings

The French legislator has published the Law on the Modernisation of 21st Century Justice (n°2016-1547) on 18 November 2016, in order to complete the regulation of the four ordonnances issued over the two years before that date modifying insolvency law. Key changes applying to insolvency proceedings opened after 19 November 2016 are as follows:

Introduction

The Sapin II Act of November 8 2016 amended the regime governing directors' liability in an insolvency scenario in order to encourage the recovery of honest directors of failed businesses.

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

Introduction

The Sapin II Act of November 8 2016 amended the regime governing directors' liability in an insolvency scenario in order to encourage the recovery of honest directors of failed businesses.

Il y a trois ans déjà, l’ordonnance du 12 mars 2014, conçue dans le but de « simplifier » la gestion des procédures collectives, est venue modifier la procédure de déclaration des créances.

Avant cette réforme, les créanciers (hors salariés) devaient adresser leur déclaration de créances au mandataire judiciaire dans un délai de deux mois (quatre mois pour ceux résidant hors de France Métropolitaine) à partir de la publication au BODACC du jugement ouvrant la procédure de sauvegarde, de redressement ou de liquidation judiciaire, sous peine de forclusion.

Key points

Three years ago, the Commercial Code amended the procedure for declaring debts in France with the aim of simplifying the management of insolvency proceedings.

Before this reform, the only way for creditors (excluding employees) to declare their debts was to send their proof of debt to the receiver within 2 months (or 4 months for those living outside France) from the publication of the judgment opening the safeguard procedure, adminstration or liquidation – or be debarred.

The ordinance n°2017-748 dated 4 May 2017 to enter into force on 1 October 2017, completely reshapes the legal regime of the security agent, widely inspired by the security agent regime under OHADA law. Thus, French law continues its modernisation and attractiveness programme by creating a legal instrument able to compete with the security trustee involved in syndicated loans and bond issues in common law countries. The new provisions will clarify the legal regime of the security agent and reinforce creditors' protection, through: