The year 2014 was when the new reform of French insolvency law entered into force, giving creditors more power and protection.
As a reminder, up until 30 June 2014, French insolvency law offered companies facing difficulties the choice between two types of proceedings i.e.,:
• out-of-court restructuring proceedings, which are confidential preventive voluntary corporate arrangements (generally in chronological order: ad hoc mandate and conciliation proceedings); and
• judicial proceedings, which are public and organised to a much greater extent by law, under the strict supervision of the Court, (namely safeguard
proceedings, accelerated financial safeguard proceedings, judicial reorganisation (redressement judiciaire – proceedings similar to administration process, and liquidation proceedings).
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