New adjustments for companies in difficulty until December 31, 2021
New adjustments for companies in difficulty until December 31, 2021: the duration of the exceptional adjustments to the law for companies in difficulty (initially scheduled to end on December 31, 2020 for some or July 17, 2021 for others) is extended until December 31, 2021 to delay, if not avoid, a wave of insolvencies. This concerns in particular the adjustments to the statutory auditor’s alert procedure, conciliation, simplified judicial liquidation and rétablissement professionnel, but also the removal of the thresholds for sauvegardes accélérées proceedings, the reduction of the time limits for consulting creditors on draft plans, the extension of the duration of the plans and, finally, “post-money” privileges in sauvegarde and redressement judiciaire.
Law for the acceleration and simplification of public action (No. 2020-1525), which was published in the Official Journal on December 8, 2020 (Articles 124 and 131); two Ministérial Ordinances of March 27, 2020 (No. 2020-341) and May 20, 2020 (No. 2020-596).
Commercial Department – 10 December 2020