French Commercial code
In force
The draft plan is sent to the classes for their vote.
The draft plan is sent to the classes for a vote. It is not subject to the provisions of either article L. 626-12 or article L. 626-18, with the exception of the last paragraph. In particular, the draft may provide for payment deadlines, remissions and, where the debtor is a joint stock company whose shareholders bear losses only up to the amount of their contributions, conversions of debts into securities giving or capable of giving access to capital. Claims guaranteed by the preferential right established in the first paragraph of article L. 611-11 and, where applicable, claims guaranteed by the preferential right established in 2° of III of article L. 622-17 and in article L. 626-10 arising in the course of prior proceedings, may not be remitted or deferred if they have not been accepted by their holders. Article L. 626-6 and II of article L. 626-20 are applicable.
A decree specifies the information that the draft agreement must contain.
A decree specifies the information that the draft plan must necessarily include.
The classes of parties affected are convened under the conditions defined by decree in the Conseil d'Etat. They vote on the draft plan, amended if necessary, within twenty to thirty days of the draft plan being sent to them. At the request of the debtor or the administrator, the official receiver may increase or reduce this period, which may not, however, be less than fifteen days.
The decision is taken by each class by a majority of two-thirds of the votes held by the members who have cast a vote.
Subject to the provisions of the two preceding paragraphs, the class or classes of shareholders shall act in accordance with the provisions applicable to extraordinary general meetings, shareholders' meetings and the special meetings referred to in Articles L. 225-99 and L. 228-35-6 or the general meetings of the masses referred to in Article L. 228-103, as the case may be. The provisions of the first and second paragraphs of article L. 626-3 and the second paragraph of article L. 626-18 do not apply.
Within a class, the vote on the adoption of the plan may be replaced by an agreement which, after consultation with its members, has received the approval of two-thirds of the votes held by them.
