Simplified Judicial Liquidation
LexInter | September 4, 2006 | 0 Comments

Simplified Judicial Liquidation

COMMERCIAL CODE
(Legislative Part)

Article L644-1

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)

   The simplified judicial liquidation procedure is subject to the rules of judicial liquidation, subject to the provisions of this chapter.

Article L644-2

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)

   By way of derogation from the provisions of article L. 642-19, when the court decides on the application of this chapter, it determines the assets of the debtor which may be the subject of a sale by mutual agreement. The liquidator does so within three months of the publication of this judgment.
   At the end of this period, the remaining goods are sold by public auction.

Article L644-3

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)

   By way of derogation from the provisions of Article L. 641-4, only receivables likely to rank useful in the distributions and receivables resulting from an employment contract are verified.

Article L644-4

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)

   At the end of the procedure of verification and admission of these debts and of the realization of the assets, the liquidator establishes a distribution plan which he submits to the registry where any interested party can become acquainted with it and which is the subject of ‘an advertising measure.
   Any interested party can contest the distribution project before the judge-commissioner within a time limit set by decree of the Council of State.
   The judge-commissioner rules on disputes by means of a decision which is the subject of a publicity measure and a notification to the creditors concerned. An appeal may be lodged within a time limit set by decree of the Council of State.

Article L644-5

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)

   At the latest one year after the opening of the procedure, the court pronounces the closure of the judicial liquidation, the debtor heard or duly called.
   He may, by a specially reasoned judgment, extend the procedure for a period which may not exceed three months.

Article L644-6

(inserted by Law n ° 2005-845 of July 26, 2005 art. 1, art. 125 Official Journal of July 27, 2005 in force on January 1, 2006 subject to art. 190)
   At any time, the court may decide, by a specially reasoned judgment, to no longer apply the exemptions provided for in this chapter.

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