The decision is not made by the insolvency practitioner or even the bankruptcy judge (Juge Commissaire).
The decision to sell the company is made by the Court as a collegial body, in the form of a judgment.
The decision is made after a hearing at which the debtor, the insolvency practitioner, the insolvency practitioner representing the interests of the creditors and the employees’ representative are called, and during which the Public Prosecutor makes his submissions.
A report is made to the court by the bankruptcy judge.
Article L642-5 of the French Commercial Code states that :
“After obtaining the opinion of the public prosecutor’s office and hearing or duly summoning the debtor, the liquidator, the insolvency practitioner where one has been appointed, the representatives of the works council or, failing that, the employee representatives and the auditors, the court shall select the offer that best secures employment attached to the business being sold, pays the creditors and offers the best performance guarantees”.
