Next Steps For French Insolvency Proceedings

The European regulation of 20 May 2015 on insolvency proceedings (the "Insolvency Regulation") came into force a year ago, significantly modifying European insolvency law. An ordinance published in November 2017 started the process of adapting French law to reflect the requirements of the Insolvency Regulation. A decree of 5 June 2018 (the "Decree") modifying the regulatory part of Book VI of the French Code de Commerce is the final piece in the jigsaw.

Articulation of main and secondary insolvency proceedings. The Insolvency Regulation provides that main insolvency proceedings must be opened in the Member State where the debtor has its centre of main interests, or COMI. Secondary insolvency proceedings may be opened in any Member State where the debtor has an establishment.