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France – February 2022
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Enhanced secured creditors in France after cornerstone reform of security law and collective proceedings of 15 September 2021
Ordinances n°2021-1192 and 2021-1193 of 15 September 2021 reform the security law and amend Book VI of the French Commercial Code. The Ordinances implement three mandates of the PACTE Law of 22 May 2019 to modernise security law improve the interaction of security law with collective proceedings law and transpose the (EU) Directive 2019/1023 of June 20 2019 known as the “Restructuring and Insolvency Directive”. For technical reasons the two mandates of the PACTE Law relating to insolvency and the EU Directive were united in the same ordinance.
The aim of the security law and interaction of the security law with collective proceedings was to simplify security law in order to modernise it and make it easier to understand strengthen legal certainty and efficacy of the security...
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