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Reform of the law on distressed companies

April 2009 - Corporate & Commercial. Legal Developments by Bersay & Associés .

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Executive Order no. 2008/1345 dated December 18th, 2008, entered pursuant to the authorization given by the law on the modernization of the economy dated August 4th, 2008 (LME), completes the reform of the law on distressed companies initiated by the “rescue” law (loi de sauvegarde) of July 26th, 2005. Virtually all of the provisions of the order (with some three exceptions, simplifying the arrangements for replacement of the juge-commissaire in case of impediment or if that judge is no longer in office by amending Art. L. 621-9 in fine) entered into force on February 15th, 2009 and apply to proceedings opened as of that date.

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