Section 1: Transfer of the business.

I.-Where the court considers that the sale of all or part of the business is conceivable, it shall authorise the business to continue and shall set the time limit within which takeover offers must reach the liquidator and the administrator where one has been appointed.

However, if the offers received pursuant to article L. 631-13 or formulated as part of the steps taken by the ad hoc representative or conciliator appointed pursuant to articles L. 611-3 or L. 611-6 meet the conditions set out in II of this article and are satisfactory, the court may decide not to apply the previous paragraph. Where the purpose of the mission of the mandataire ad hoc or the conciliator was to organise a partial or total sale of the business, they shall report to the court on the steps taken to receive takeover offers, notwithstanding Article L. 611-15. The opinion of the Public Prosecutor is sought when the offer has been received by the mandataire ad hoc or the conciliator.

II.-Any offer must be in writing and include an indication of:

1° The precise description of the assets, rights and contracts included in the offer;

2° Business and financing forecasts;

3° The price offered, the terms of payment, the status of the capital providers and, where applicable, their guarantors. If the offer proposes recourse to borrowing, it must specify the terms and conditions, in particular the duration;

4° The date on which the disposal is to be completed;

5° The level and prospects of employment justified by the activity in question;

6° The guarantees taken out to ensure performance of the offer ;

7° Forecasts for asset disposals over the two years following the disposal;

8° The duration of each of the commitments made by the offeror;

9° The arrangements for financing the financial guarantees envisaged when they are required under Articles L. 516-1 and L. 516-2 of the Environment Code.

III.-Where the debtor exercises a liberal profession subject to a legislative or regulatory status or whose title is protected, the offer must also include an indication of the transferee's professional qualification.

IV.-The liquidator or the administrator where one has been appointed informs the debtor, the employees' representative and the auditors of the content of the offers received. He shall deposit them at the court registry where any interested party may examine them.

They are notified, where applicable, to the professional association or competent authority to which the debtor is subject.

V.-The offer may not be modified, except in a way that is more favourable to the objectives mentioned in the first paragraph of Article L. 642-1, nor may it be withdrawn. It is binding on its author until the court decision adopting the plan.

In the event of an appeal against the decision adopting the plan, only the assignee remains bound by its offer.