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Occasionally, a company’s management will determine that, in all likelihood, thecompany will become unable to meet its payment obligations when they fall due inthe near future. In such a case, the company itself can voluntarily file a petition onthe grounds of its pending illiquidity.b. FranceUnder French law, a company must file for insolvency proceedings within 45 daysfollowing the date on which it has become insolvent. A company is deemedinsolvent when the amount of its cash and similar resources available is lower thanits current liabilities.The insolvency proceedings available are the redressement judiciaire 9 (when there isa possibility that all or part of the company will recover) or liquidation proceedings 10(when the possibility of recovery does not exist).c. England and WalesUnder English law (and Welsh law – hereafter simply referred to as “English” law forbrevity) 11 the term “bankruptcy” refers only to the insolvency of individuals. There isno specific insolvency term for corporate entities.Corporate insolvency proceedings are usually commenced in one of three ways: byorder of the Court (following a petition for compulsory liquidation by a creditor), bythe holder of a Qualifying Floating Charge 12 (allowing an “out of Court” appointment9 Code de commerce [C. com] art. L.631-1 et seq.10 Code de commerce [C. com] art. L.640-1 et seq.11 Although they are also part of the United Kingdom of Great Britain and Northern Ireland, bothScotland and Northern Ireland have their own insolvency laws.12 A “floating charge” is a security interest in, or charge over, all of the assets – or class of assets –owned by a company or limited liability partnership. The floating charge is granted by the companyor LLP to secure indebtedness. The floating charge does not fix on any particular assets until theoccurrence of an event of default, at which time it “crystallizes” – that is, becomes a “fixed charge”9