French Commercial code
In forceThe court shall give notice of the deadlines and remissions accepted by the creditors under the conditions provided for in the second paragraph of Article L. 626-5 and in Article L. 626-6. These deadlines and discounts may, where appropriate, be reduced by the court.
The court shall approve the agreements to convert to securities accepted by the creditors under the conditions provided for in the third paragraph of Article L. 626-5, unless they affect the interests of other creditors. It also ensures, where applicable, the approval of the meetings referred to in Article L. 626-3.
For creditors other than those referred to in the first and second paragraphs of this article, where the payment periods stipulated by the parties before the commencement of the proceedings exceed the duration of the plan, the court shall order that these periods be maintained.
In other cases, the court shall impose uniform payment periods, subject to the fifth paragraph of this article. The first payment may not be made after a period of one year. The amount of each of the annual instalments provided for by the plan, from the third, may not be less than 5% of each of the admitted claims, and, from the sixth year, 10%, except in the case of a farm.
When the principal of a claim remains due in full on the date of the first payment provided for in the plan, its repayment begins on the date of the annual instalment provided for in the plan that follows the due date stipulated by the parties before the commencement of the proceedings.On this date, the principal is paid up to the amount that would have been received by the creditor if it had been subject since the start of the plan to the uniform payment deadlines imposed by the court on other creditors. The amount paid in respect of subsequent annual instalments is determined in accordance with the uniform payment periods imposed on other creditors. If no creditor has been subject to uniform payment periods, the amount paid in respect of the subsequent annual instalments shall correspond to equal annual fractions of the amount of the principal outstanding.
The payment periods imposed pursuant to the fourth and fifth paragraphs may not exceed the duration of the plan.
The lessee may, at maturity, exercise the purchase option before the expiry of the periods provided for in this article. He must then pay all the sums due within the limit of the reduction to which they are subject in the plan in the form of discounts.
