Resolution and handling of financial difficulties

Safeguard procedure

The safeguard procedure is specifically designed for firms that, despite not having gone into default of payment, face difficulties that they are not able to overcome.

Suitable for all types of firms, the safeguard procedure aims at facilitating the reorganisation of the company in order to enable the continued economic operation of the firm, the maintaining of jobs and the clearance of debt as part of a recovery plan adopted by a court.

THALLER Avocats intervenes at all stages of the safeguard procedure:

  • a detailed and quantitative analysis of the difficulties which the company is unable to overcome
  • drafting and submission before the court of the application for the opening of a safeguard procedure
  • participation in the discussions and negotiations of the observation period
  • devising, with the aid of the court-appointed administrator, the draft of the recovery plan and the submission of the draft before the court
  • substantial modification of the recovery plan and intervention in the event that difficulties in its execution arise.

Court-supervised reorganisation

The procedure for court-supervised reorganisation is intended for companies that have suspended all payments and are, therefore, unable to meet their liabilities due with their available-for-sale assets.

The initiation of a procedure for a court-supervised reorganisation is nonetheless not synonymous with failure: on the contrary, the purpose of such a procedure is to enable the continuation of the corporate activity, maintain jobs and clear debt within the framework of a recovery plan adopted by a court.

THALLER Avocats work varies according to whether it is carried out on behalf of companies in difficulty, their creditors or their buyers.

In the case of companies in difficulty, this work comprises:

  • prior verification of a company’s suspension of payments
  • filing the application for suspension of payments and submission before the court of an application to open a procedure for a court-supervised reorganisation
  • participation in the discussion and negotiations during the period of observation
  • close coordination with the court-appointed administrator (devising and submission to the court of a draft recovery plan; production of a presentation file)
  • substantial amendments to the continuation plan and intervention in the event of difficulties in its performance

Creditors:

  • filing and follow-up of claims
  • initiation of actions for the recovery of property and civil claims for restitution
  • assistance with the nomination and the duties of the financial controller
  • participation in the discussions and negotiations during the period of observation

Buyers:

  • examination of the presentation file and searches for additional information required for the submission of a takeover offer
  • participation in the discussions prior to the submission of a takeover offer
  • drafting and submission to the court of a takeover offer
  • participation in the drafting of the deeds of assignment

Judicial liquidation procedure

The procedure for judicial liquidation applies to companies that have suspended payments and for whom a reorganisation is definitely not a viable option. The purpose of this procedure is to discontinue a company’s activity or to enable the liquidation of its assets by a global or separate sell-off(s) of its rights and assets.

THALLER Avocats assists and advises:

  • companies and their managing directors from the opening (verification of the suspension of payments and the non-viability of a corporate reorganisation) to the closing of a judicial liquidation procedure
  • all types of creditors in order to uphold their rights
  • third parties contemplating the takeover of the company or some of its business activities.