1E9Ct5D

The opening of liquidation proceedings will trigger the same creditor rights as theopening of a redressement judiciaire.c. England and WalesAn administrator, liquidator or Supervisor of a voluntary arrangement (collectively,“office holders”) must be a “licensed insolvency practitioner’” who holds aninsolvency licence obtained after passing specialist examinations. Theadministrator, liquidator or Supervisor is regulated by a recognized professionalbody. There are currently four such bodies, which have the power to discipline theinsolvency practitioner, impose conditions on the practitioner, or ultimately removethe practitioner’s licence.Unlike certain other jurisdictions, English insolvency procedures are not superviseddirectly by the Court, although creditors and certain other parties have the right tochallenge the office holder’s conduct in Court and seek orders (by way of injunctionor an application for directions) that the office holder do (or refrain from doing) acertain act or pursue a cause of action.16