French Civil Code
In forceThe reunification of all the company shares in a single hand does not result in the automatic dissolution of the company. Any interested party may request such dissolution if the situation has not been regularised within one year. The court may grant the company a maximum period of six months to rectify the situation. It may not dissolve the company if, on the day it rules on the merits of the case, the situation has been regularised.
The fact that the usufruct of all the company shares belongs to the same person has no effect on the existence of the company.
In the event of dissolution, all the company's assets and liabilities are transferred to the sole shareholder, without the need for liquidation. Creditors may object to the dissolution within thirty days of its publication. A court decision rejects the objection or orders either the repayment of the debts or the provision of guarantees if the company offers such guarantees and if they are deemed sufficient. The transfer of assets and liabilities does not take place and the legal entity does not cease to exist until the opposition period has expired or, as the case may be, when the opposition has been rejected at first instance or the repayment of the claims has been made or the guarantees provided.
The provisions of the third paragraph do not apply to companies whose sole shareholder is a natural person.
