Overview of the new French insolvency law
Hervé Guenassia, Legal Counsel, European Investment Fund, Luxembourg
The purpose of this article is to provide a quick overview of the changes brought by the new French law of 26th July 2005 reforming French insolvency proceedings and which came into force on 1st January 2006 as implemented by decree nu 2005-1677 dated 28th December 2005. It summarises certain of the new legal aspects in relation with reorganisation bankruptcy proceedings and more particularly focuses on the Safeguard procedure from a practical perspective derived from the Eurotunnel restructuring. This article is not meant to be exhaustive and shall not be construed as legal advice. Certain references and footnotes are stated in French to avoid any possible translation mistakes. Further, the interaction between the procedures below, case law, commercial court practices and the relevant contractual documentation need to be examined in detail on a case by case basis.
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