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  1. Insolvency
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Weil, Gotshal & Manges’s ‘exceptional one-stop-shop’ is led by a tremendously efficient duo; Jean-Dominique Daudier de Cassini, a lawyer unanimously praised for his ‘excellent technique and rich experience’, and the ‘commercial, creative and hard working’ Philippe Druon. Benefiting from the firm’s private equity expertise and international network, the practice has outstanding capabilities for distressed LBO, completing the first French pre-pack and post-reform safeguard alongside Investcorp in the Autodistribution case. The team also advised Lehman US in the Coeur-Défense case.

De Pardieu Brocas Maffei is a ‘very customer-oriented firm with easy access to the partners’. The firm has a strong team, often representing creditors. Philippe Dubois co-heads the practice with Jacques Henrot, a ‘very skilled lawyer with the best network among restructuring stakeholders’. Paul Talbourdet and the ‘good, reactive, calm and experienced’ Matthieu Barthélemy are also recommended. The firm represented Oaktree, Noonday and other hedge funds on challenging Belvédère safeguard proceedings, and the bondholder creditors of the securitisation vehicle on the safeguard proceedings of Coeur-Défense and Dame Luxembourg.

Gide Loyrette Nouel A.A.R.P.I. has a comprehensive range of expertise, including Olivier Puech’s strong reputation as a ‘fantastic advisor to debtors’. Jean-Michel Lucheux is also recommended. The team is experienced, and assisted the management on the acquisition of Parquets Marty.

At Santoni & Associés, Marc Santoni is a ‘great professional’ acting for investors. The firm works in close collaboration with Allen & Overy LLP, alongside who it represented Goldman Sachs in the Coeur-Défense restructuring.

Sonier & Associés is led by the legendary Gabriel Sonier who stands out for his ‘fine techniques’, track record and extensive contacts. The team also includes Bertrand Chauchat and Caroline Texier. It represents distressed companies, and regularly acts for funds, such as Colony, Vermeer Finance. It acted for a committee of creditors in the Belvédère safeguard, and in the Thomson’s debt restructuring.

The ‘highly creative’ Maurice Lantourne has radically boosted Willkie Farr & Gallagher LLP’s practice. Lantourne’s in-depth procedural expertise combined to Alexandra Bigot’s financial culture and the firm’s leading private equity practice, make an outstanding mix. The firm is a good choice for LBO restructuring, representing PAI in the Kaufmann & Broad and Monier cases, and Pragma Capital on Retif’s financial restructuring.

Wide range of expertise and a ‘good understanding of restructuring work and investors’ interests’ are gaining Ashurst LLP a rising number of instructions. The practice is led by the ‘technically excellent’ Jean-Pierre Farges and Eric Bouffard on the procedural side. Financial and corporate capabilities are also available through Bertrand Delaunay and Laurent Mabilat, who has ‘in depth knowledge of the financing products and legal framework in complex restructuring situations’. The firm advised on a number of LBO restructurings, including the Mecachrome, Trèves and Monier cases.

Young and independent Bremond & Associés is a leading insolvency firm. ‘Rising star’ Guilhem Bremond impresses by his ‘profound tenacity’ while his ‘dual legal and number skills’ are other useful assets. The firm acts for distressed companies and funds, and advised in the Eugène Perma and Royal Monceau cases.

Covering the full spectrum of work, Linklaters LLP is gaining momentum in Paris. The practice, led by Aymar de Mauléon de Bruyères and including Cécile Dupoux, was retained to handle landmark cases in 2009. The team represented PricewaterhouseCoopers as administrator of Lehman UK, the indirect major shareholder of Coeur-La Défense and Dame Luxembourg, and the senior lenders in the Autodistribution case.

Rising starOrrick Rambaud Martel is ‘not only good at putting deals together, it is also very helpful when it comes to restructuring existing deals’. The ‘very extensive practice’ is led by the ‘highly experienced and expert’ Saam Golshani and Jean-Pierre Martel. Highlights included representing a major French bank in the Coeur-Défense case.

Théron & Associés is ‘highly visible’, with the ‘very good’ Christophe Théron representing private equity funds. The firm advised on the Royal Monceau and Mécachrome cases.

At Veil Jourde, litigator expert Georges Jourde does not handle many cases, but still attracts some of the finest work, playing a role in the Coeur-Défense case.

Bredin Prat emerged as a major player in 2009 with Nicolas Laurent, Olivier Assant and finance expert Raphaële Courtier driving the practice. The team represented Towerbrook in the first French pre-pack regarding the take-over of Autodistribution, and the Steering Committee of bondholders in the Belvédère safeguard.

At Clifford Chance, Reinhard Dammann counts among ‘the leading restructuring technicians’ and is a good choice for ‘very complex cases’. Dammann leads the insolvency team who received numerous instructions in 2009, handling cases such as Nortel.

Dewey & LeBoeuf has strong restructuring expertise in Philippe Hameau, who represented Autodistribution in its restructuring and subsequent acquisition, by TowerBrook.

Freshfields Bruckhaus Deringer LLP advises on the finance and corporate sides of restructuring work. Led by Alan Mason, Antonin Besse, Jean-Luc Michaud and Bertrand Pellet, the firm plays a role in many high-profile cases, representing the steering committee and senior creditors in the restructuring of Thomson, and HIG in the Molex case.

JeantetAssociés AARPI’s Didier Malka handled some high-profile work, with the firm acting in Smoby’s debt restructuring, and Michel Thierry’s second debt restructuring.

Lefèvre Pelletier & associés’ Laurent Jourdan is a specialist in insolvency cases governed by EU regulations. The team represents funds and managers, and hired Carole Dessus from UGGC & Associés. Highlights included advising OFI Private Equity fund in Soho’s restructuring.

Poulain & Associés has wide experience in star partner Jean-Paul Poulain. Jason Reeve is also recommended. The firm has built a solid client base, and advised in the Ebrex and Vendôme Industries cases.

UGGC & Associés has a good reputation advising administrators. Bernard Grelon is highly praised, while Thierry Montéran shows ‘creativity in finding original solutions’.

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Legal Developments in France for Insolvency

Legal Developments in France

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Bouclier fiscal et contrats d’assurance-vie multi-supports : l’Administration fiscale retoquée

    Dans son instruction du 26 août 2008 , concernant les modalités de calcul des revenus à prendre en compte au titre du bouclier fiscal, l’Administration avait estimé qu’un contrat multi-supports devait être assimilé à un contrat mono-support à partir du moment où l’épargne était, en réalité, exclusivement ou quasi-exclusivement investie sur le fonds en euros et non sur des « supports diversifiés ». En pratique, certains Services vérificateurs réintégraient ainsi dans le revenu de référence les intérêts des contrats multi-supports qui n’avaient pas été investis à 20%, au moins, en unités de compte pendant la majeure partie de l’année.
    - Sarrau Thomas Couderc
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    La crise financière, qui met en lumière à la fois le déséquilibre flagrant des relations prêteurs/emprunteurs et la défaillance financière et morale de certains établissements de crédit, pourrait être l’occasion rêvée de repenser certaines pratiques bancaires. A telle enseigne, les conventions de crédit syndiqué, conventions auxquelles sont parties un emprunteur et plusieurs prêteurs. A bien y regarder, ces conventions sont porteuses de risques importants pour les établissements bancaires.
    - Sarrau Thomas Couderc
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