The Corona Crisis leads worldwide to critical situations for companies.
In light of this, Digitorney has asked lawyers from various countries specialized in restructuring law for recommendations on what needs to be done and which solutions are at hand to weather the Corona Crisis.
This part of our series focuses on France:
1) When does a company need to file for insolvency in France?
Bankruptcy Law in France offers several processes to companies depending on the level of difficulties they are encountering: It goes from Amicable procedures (mandate ad hoc, conciliation) to actual court-monitored procedures (procedure de sauvegarde, redressement judiciaire, liquidation judiciaire). MORE
2) What liability risks exist for the management in France in a corporate crisis?
French law provides for civil and criminal liability of the management under certain conditions. We will not detail them here. Regarding the current crisis, some situations must be studied carefully considering the decisions taken by the government. MORE
3) Is there any state aid available for companies in France due to the Corona crisis?
Some support measures/ state aid for businesses are implemented by the French State due to the Corona crisis, e.g. ,easures to support the granting of loans to companies, guaranteed by the State (BPI France). MORE
4) What immediate measures should a company in France take if it is affected by the Corona crisis?
Apart from the financial measures detailed at Question 3, the management of a company in France can take several measures if it is affected by the Corona crisis, e.g. measures to protect health and safety of employees, and contain the effects of the downturn. MORE
Legal notice: All contents available in the Digitorney Lounge (e.g. templates, checklists, key questions) have been created with the greatest possible care and are constantly updated, but do not claim to be complete and correct. All contents are to be understood as suggestions that must always be adapted to the needs and specifics of the individual case. Digitorney Group B.V. as a provider of this website is not a legal advisor and therefore cannot assume any liability for the impact of the contents available in the Digitorney Lounge on the legal position of the user or the parties using it. Liability for slight negligence is also generally excluded. Further details can be found in our General Terms and Conditions, with which you agree by using the Digitorney Lounge. If you need a customized document, you should seek advice from a lawyer. You can send a search query to Digitorney here.