French Insolvency Law – Leaseback Issues |

Opening of an defalcation action adjoin your French debtor: What should you do?The action of abode a affirmation or affidavit of debt with the competent official of the defalcation affairs (Liquidator or Creditors’ Representative) is alleged ‘Déclaration de créance’. Until a creditor has filed its affidavit of debt, any altercation with this official is, in a lot of cases, ineffective. ‘Déclaration de créance’ Claims accept to be filed either with the creditor’s representative, whose assignment is to represent the interests of the creditors and account all claims, or with the Liquidator if the aggregation is already in liquidation.The court-appointed cditors’ adumbrative has an obligation to acquaintance all accepted creditors aural 15 canicule from the date of the judgment.

Proofs of Debt accept to be actual anxiously drafted. Some capital credibility to accede are as follows:- Drafting the affidavit of debt in French- Mentioning whether the debt is a best one or not;- The acknowledged absorption on contributed sums should be included. Absorption stops accruing at the date of the acceptance Receivership Order;- All sums accept to be adapted in Euro with the barter amount applicative at the date of the Order;- The ‘Declaration de Créance’ is to be active by a acknowledged adumbrative of the adopted creditor, or anyone captivation a appropriate ability of attorney, or the creditor’s solicitor;- Above his/her signature, the creditor or its acknowledged adumbrative accept to handwrite a appropriate Statement of Truth;- All acknowledging affidavit evidencing the affirmation should be listed on a affidavit alleged ‘Bordereau de abstracts justificatifs’Debts incurred afore defalcation accept to be declared except employees’ accomplishment or aliment payments. Debts incurred afterwards the access of the defalcation should be declared too if they cannot be paid if due.The time-limit for filing claims is two months from the date the Receivership Order is published. Such publishing commonly takes abode about three weeks afterward the date of the Order. The time absolute is continued to 4 months for overseas-based creditors. Caims are time-barred if not fabricated aural the time absolute unless the defalcation adjudicator rules otherwise.

All declared debts are absolute by the court’s abettor and the debtor afore getting submitted to the Adjudicator for approval. Creditors accept a affidavit acknowledging that the debts are final. Subject to acceptance of their claim, creditors accept a appropriate to a allotment in the net proceeds, if any, at the end of the defalcation procedure.