Since 2005, any interested party may submit an offer, either to take over a business or to acquire certain assets of the debtor.
However, article L 643-2 of the French Commercial Code, imposes a restriction, prohibiting the debtor, managers, parents or relatives up to the 2nd degree, and the auditors, from acquiring all or part of the assets transferred for a period of 5 years.
The penalty is severe: the deed is annulled by the Court at the request of any interested party within three years.
However, there are exceptions to these prohibitions:
- In agricultural matters, the Court may make an exception.
- In other cases, the Court may derogate at the request of the Public Prosecutor.
