The Draft Bill “PACTE” (the “Draft Bill”), which will be under discussion in the French Parliament in September 2018, contains several reforms intended to allow the Government to transpose by anticipation the future Directive on preventive restructuring frameworks (the “Directive”), itself largely inspired by the French preinsolvency proceedings.
At the same time, the Draft Bill allows the Government to reform some aspects of the legal regime applicable to securities during insolvency proceedings. The clear intention behind these reforms is to increase the attractiveness and economic efficiency of continental insolvency laws through an accelerated Franco-German harmonization, called for by the French President, Emmanuel Macron.
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