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Company Liquidation in France

August 10, 2012, 3:15 pm
BridgeWest

BridgeWest handles all steps required for company liquidation in France. Please contact us via email or phone for appointing a liquidator to carry on the company dissolution, submitting the required application forms, dealing with the Court, closing the company's bank account or any other necessary activities for closing a business in France.  

The main regulations regarding the liquidation of a French company is stipulated in the Ordinance 2008-1345 of 18th December 2008.

There are two forms of judicial liquidation procedure that can be opened by the Commercial Court: either a judicial liquidation procedure simplified, if certain conditions are met, either a judicial liquidation procedure in law.

The simplified company liquidation was introduced by the Act of 26 July 2005, and has the advantage that it is faster and cheaper. This type of French company dissolution is mandatory since December 2008 if 3 conditions are met: absence of property assets, one employee, sales excluding taxes exceeding EUR 300,000.

In certain conditions, the voluntary judicial simplified liquidation can be used when the following 3 conditions are metabsence of property assets, not more than five employees, revenue excluding taxes of between 300,000 and 750,000 Euros.

For the French company liquidation in law, the court shall set a time after which the closing procedure will be reviewed. If this deadline can be met, the court may extend it by a reasoned decision.

At the expiration of two years from the judicial liquidation, any creditor may also apply to the court for termination of proceedings.

The legal representative of the company or the individual entrepreneur requests the opening of the liquidation process to the court no later than 45 days after the cessation of payments.

A number of documents dated, signed and certified by the legal representative of the company must be provided: a completed standard form from the Registry of the Commercial Court of Paris, the annual accounts of the last financial year, a report regarding available liabilities and assets, an extract of registration in the Trade and Companies, a document which sets accounting debts and receivables of the company, the number of employees and the name and address of each, the amount of sales valued at the closing date of the last financial year, statistical statement of assets and liabilities with the name and residence of the creditors, the status of active and passive security as well as contingent liabilities, short inventory of the debtor's property, the name and address of the representatives of the works council or employee representatives entitled to be heard by the court if they have already been designated, a sworn statement attesting to the failure to designate an ad hoc or opening of a conciliation procedure in the 18 months preceding the date of the application.

In case of a corporation having members jointly liable for partnership debts, a list of them with details of their name and address is necessary.

The Court if formed by a bankruptcy judge, a liquidator, an employee representative. Moreover, the bankruptcy judge appoints from one to five controllers among the creditors who request it. The court shall appoint a liquidator that is registered on a special list or who can demonstrate experience or special qualifications with respect to the nature of the case.

Upon initiation of the proceedings, the liquidator shall make an inventory and fix the price of goods of the company. The liquidator verifies the claims received from the creditors. It must also preserve the rights of the officer or individual entrepreneur on his own expense.

He has the obligation to inform the judge and officer of the French company about the progress of operations, at least every 3 months. Any sum received by the liquidator in the exercise of its functions is immediately paid to the deposit account Deposit and Consignment Office.

The liquidation process of a French company ends by discharging the liquidator from his mandate, approving  the final liquidation accounts and deciding how to distribute any remaining sums during a general meeting of the shareholders.




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