The French parliament has created a new form of sauvegarde insolvency proceedings by passing law No. 2010-1249 on Banks and Financial Regulation of 22nd October 2010. The sauvegarde insolvency proceedings were introduced in 2006 and had already been subject to extensive reform in 2009. The so-called “sauvegarde financière accélérée” (Sfa), a fast-track form of sauvegarde for financial restructurings will be in force from 1st March 2011.