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Overview of the new French insolvency law

June 2007
InsolvencyBanking & Finance

Abstract

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.

Author

Hervé Guenassia
Legal Counsel, European Investment Fund, Luxembourg

Hervé Guenassia dually qualified as a Solicitor (UK) and French Avocat. Worked in a city law firm then as International legal counsel (London) at Credit Agricole Indosuez (Paris) and now Legal Counsel in the French Benelux division in the EIB (Luxembourg) where he worked on structured and restructuring financing operations.

Company

European Investment Fund

The EIB, the EU's financing institution The European Investment Bank (EIB), the financing institution of the European Union, was created by the Treaty of Rome. The members of the EIB are the Member States of the European Union, who have all subscribed to the Bank's capital. The EIB enjoys its own legal personality and financial autonomy within the Community system. The EIB's mission is to further the objectives of the European Union by providing long-term finance for specific capital projects in keeping with strict banking practice. It thereby contributes towards building a closer-knit Europe, particularly in terms of economic integration and greater economic and social cohesion. As an institution of the Union, the EIB continuously adapts its activity to developments in Community policies. As a Bank, it works in close collaboration with the banking community both when borrowing on the capital markets and when financing capital projects. The EIB grants loans mainly from the proceeds of its borrowings, which, together with "own funds" (paid-in capital and reserves), constitute its "own resources". Outside the European Union, EIB financing operations are conducted principally from the Bank's own resources but also, under mandate, from Union or Member States' budgetary resources excerpt from www.eib.org

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