PME Conseil

Many companies file for bankruptcy after going through reorganisation. The reason comes down to one sentence: the procedure deals with the debts, not with what caused them.

The Business Continuity Act is not meant for everyone. The two situations where the procedure makes sense, and why creditors sometimes agree to give up part of what they are owed.

Six steps for the period of the stay: the two-year business plan, the facts that back it up, the write-down simulations, the delegated judge as an ally, the negotiation, then applying the plan to the letter.

The full list of papers the registry requires, and those worth preparing even though no one asks for them. Gathering all this takes time: it is what determines the filing date.

The administrative steps, from filing the petition at the registry to the judge’s decision: who appears, what they bring, what happens next, and from when debts are frozen.

Before filing a petition for reorganisation, several decisions have to be taken beforehand: the business plan, the list of creditors, the filing date, protecting your personal assets.

Amicable settlement, collective agreement, transfer to a buyer: three forms of proceedings for three situations. What each allows, and which one to choose.

Court fees are trivial: €52 on filing. The real cost is the advisers, and it depends on how complex your situation is. Why acting early costs less than waiting.