Ismaïl BENAISSI Tax Lawyer in Paris
DEPOSER OU NE PAS DEPOSER LE BILAN. INFORMATONS SUCCINTES, POUVANT ETRE COMPLETEES SUR CONSULTATION.
La décision de déposer le bilan impose un examen approfondi de la situation de l’entreprise, dans les domaines du droit et des chiffres, en toute objectivité, de sorte qu’il est utile de faire appel à des professionnels spécialisés et extérieurs à l’entreprise.
Deciding whether to file for bankruptcy: brief summary (more information available by seeking an opinion)
Deciding whether to file for bankruptcy requires a thorough, completely objective analysis of the position of the company in terms of the law and the figures, so the services of specialised professionals from outside the company are useful. According to positive law, a company must file for bankruptcy within forty-five days of suspending payments on penalty of personal bankruptcy (Article L.631.4 of the Trade Code). Not filing for bankruptcy increases the liabilities, creates an irreparable situation condemning the company and, as a result of unpaid bills, brings down sound companies and thereby increases unemployment.
Although Parliament has changed the law since 1967, notably with the Act of 25th January 1985, amended by the Act of 10th June 1994, in order to reduce the ignominy of filing for bankruptcy and make it into a remedy for viable companies, many directors are still frightened to file but, in fact, if filing does not take place too late, the directors are not removed from office and judges, administrators, creditors’ representatives and lawyers can come together to save the company and help the directors make the right decisions that are needed urgently.
Employers are used to overcoming problems and often fight on until the last minute, fearing the “hospitalisation” of their company, particularly because there are often painful consequences for their family and business lives, which is why professionals specialising in bankruptcy proceedings are very sensitive to the human aspects of the case.
The firm therefore advises, assists and represents company directors in the context of the various company recovery methods: continuing to trade, selling the business in whole or in part and also official liquidation.
