insolvency proceedings

mainly in mid-cap cases, but also sometimes in large-cap or small-cap cases – which involves providing assistance and advice at every stage of the procedure, in particular:

1. creating a dedicated team tailored to the needs of the restructuring project, including specialist financial auditors,
2. seeking the services of one or more court-appointed administrators and arranging contact with them,
3. defining and implementing a legal strategy and restructuring objective, particularly in cases involving classes of parties affected,
4. anticipating and preparing the submissions to initiate the appropriate collective procedure (or whichever appropriate proceedings in the case of a group of companies):
   • safeguard,
   • accelerated safeguard,
   • receivership,
   • court-ordered liquidation,
   • secondary insolvency proceedings,
5. informing employees and appointing staff representatives,
6. preparing for and attending, the opening hearing,
7. during the observation period, implementing all measures/actions to secure the continuity of the business and the financing of the observation period,
8. communicating and sharing information with the insolvency authorities,
9. preparing the constitution of classes of affected parties and following up any disputes,
10. drawing up draft safeguard plans or recovery plans internally or with backing,
11. supporting the research process as regards potential purchasers (total or partial sale) or setting up a distressed M&A or pre-pack divestment process,
12. verifying liabilities in conjunction with the court-appointed representatives(s) and procedures for disputing claims,
13. assisting with presenting to and negotiating offers with the main creditors,
14. monitoring the various procedures brought before the insolvency judge (claims, termination of ongoing contracts, transfer of assets, settlement, authorisation for redundancy, etc.)
15. hearings (opening, monitoring/extension of the observation period, examination of draft plans or takeover offers, conversion, etc.),
16. drafting contractual documentation in connection with the safeguard plan / recovery plan or sale plan,
17. assisting with appeals,
18. any changes to the plan.

undergoing insolvency proceedings (creditors, suppliers, lessors, co-contractors), which may involve, for example:

1. assisting with negotiations with the debtor and the bodies involved in the proceedings during the observation period and the preparation of draft plans,
2. securing agreements entered into during the observation period or in the context of the plan (in particular “post-money” or similar),
3. assisting in the event of the constitution of classes of affected parties, advising on possible appeals and, if necessary, the drafting of a proposal for an alternative plan,
4. assisting with creditor consultations as regards draft plans,
5. drawing up proofs of claims and monitoring admission to liability procedures,
6. negotiating and drafting settlements, subject to authorisation by the insolvency judge, and monitoring the approval procedure,
7. applying for appointment as controller and monitoring functions,
8. implementing claims, direct claims, set-off exceptions and monitoring the resulting procedures (applications to the insolvency judge, appeal to the court),
9. monitoring the continuation, renegotiation or termination of ongoing contracts (and the resulting procedures),
10. dealing specifically with the company’s leases and rental receivables,
11. managing claims relating to the processing of subsequent claims, including claims for payment or set-off,
12. assessing existing security interests and the exercise or retention of the rights attached thereto,
13. representation at hearings to assess takeover plans or offers,
14. monitoring the satisfaction of commitments included in the plan and any requests for resolution,
15. monitoring distribution.

which may involve:

• examining opportunities for external growth or investment,
• carrying out due diligence and feasibility studies (review of data-room content, discussions with the court-appointed administrators(s) and representatives(s), management and/or investment banker Q&A, etc.),
• preparing and structuring takeover bids as part of a sale plan or backing proposals in support of a safeguard or recovery plan,
• assisting the prospective purchaser in its dealings with the bodies involved in the proceedings (court-appointed administrator(s), court-appointed representatives(s), official receiver(s)), as well as with the debtor and its advisers, the CSE and/or employee representatives and their advisers, and the public prosecutor and the CIRI,
• where appropriate, discussions with other advisers to potential purchasers to explore the feasibility of additional offers,
• drafting and submitting investment proposals (initial and for improvement),
• preparatory meetings with the procedural bodies and/or the debtor and his advisers,
• presenting the CSE with the offer or proposed partnership,
• presenting takeover bids at hearings (court, insolvency judges),
• assisting with taking up and implementing the plan’s commitments,
• drafting transfer deeds and corporate documents,