French Commercial code
In forceI.-The provisions of Chapter VI of Title II, with the exception of the third and fourth paragraphs of Article L. 626-1, are applicable to the reorganisation plan, subject to the following provisions.
It is the responsibility of the administrator, with the assistance of the debtor, to draw up the draft plan and, where applicable, to present the proposals provided for in the first paragraph of Article L. 626-30-2 to the classes of parties affected. For the application of article L. 626-2-1, consultation is carried out by the administrator, where one has been appointed. The classes vote on each of the proposals made. For the application of the first paragraph of article L. 626-8, the information and consultation shall relate to the measures which are submitted to the vote of the classes of affected parties.
Any affected party may submit a draft proposal to the Board of Directors.
Any affected party may submit a draft plan which will be the subject of a report by the administrator and will be submitted, together with the draft plan proposed by the debtor, to a vote of the classes in accordance with the conditions of time and procedures laid down by decree in the Conseil d'Etat.
Where the draft plan adopted in accordance with the provisions of Article L. 626-30-2 and, where applicable, Article L. 626-32, is not the one proposed by the debtor, it shall give rise to the communications provided for in Article L. 626-8.
Where the plan is not approved in accordance with the provisions of article L. 626-30-2, it may be adopted by the court at the request of the debtor, the court-appointed administrator with the agreement of the debtor or an affected party. It may be imposed on the classes that voted against the draft plan under the conditions set out in I, with the exception of the first paragraph, and in II of article L. 626-32.
The provisions of articles L. 626-30-2 and L. 626-30-2 are applicable.
The provisions of articles L. 631-19-1 and L. 631-19-2 do not apply to the plan adopted or approved in this way.
If the draft plan is not adopted in accordance with the provisions of article L. 626-31 or article L. 626-32 and this article, the provisions of section III of chapter VI of title II shall no longer apply and a new draft plan shall be drawn up in accordance with the conditions set out in this title.
II.
II -In the event of a change in the share capital or the transfer of share rights provided for in the draft plan or in the plan, the approval clauses shall be deemed not to have been written.
III -The plan shall be approved by the Board of Directors.
III - The plan is approved by the court after the administrator has implemented the procedure provided for in I of article L. 1233-58 of the French Labour Code. The social and economic committee delivers its opinion no later than the working day before the court hearing that rules on the plan. Failure to submit the report of the expert referred to in articles L. 1233-34, L. 1233-35, L. 2325-35 or L. 4614-12-1 of the Labour Code may not have the effect of postponing this deadline.
The plan specifies in particular the redundancies to be made and the reasons for these.
In particular, the plan specifies the redundancies that must take place within one month of the judgment, upon simple notification by the administrator, subject to the rights of notice provided for by law or collective labour agreements.
Where a job protection plan must be drawn up, the administrator implements the procedure provided for in II of article L. 1233-58 of the French Labour Code within one month of the judgment. The eight-day period referred to in II of the same article runs from the date of receipt of the request, which is subsequent to the judgment adopting the plan.
Where the redundancy concerns an employee benefiting from special protection with regard to redundancy, the intention to terminate must be expressed within the one-month period provided for in the previous paragraph.
