The reform resulting from the ordinance of 15th September 2021, transposing the European «Insolvency» directive, has profoundly modified the law concerning companies in difficulty by introducing the affected party classes. This mechanism, now central to safeguarding and judicial recovery procedures, replaces the old creditors' committees.
In this analysis, Maître Patricia Guyomarc’h deciphers the criteria for the formation of classes (objective, verifiable criteria and community of economic interest), their scope of application according to company size, as well as the majority rules required for the adoption of a restructuring plan. She also sheds light on the mechanisms of’forced close application, allowing a plan to be imposed on certain dissenting classes under strict conditions, particularly as regards the «best interests of the affected parties».
The article highlights the strategic challenges for directors and creditors: balancing the protection of rights, the viability of the company, and the increased litigation risk linked to the valuation and interpretation of texts. Essential reading for anticipating and securing any restructuring operation.
