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proceedings. 37The insolvency quota is calculated by dividing the remaining assetsof the insolvency estate (the amount remaining from the liquidation of the company’sassets after paying secured creditors from their collateral and all preferential claims,including Court fees and the administrator’s fees) by the total amount of acceptedand unsecured general insolvency claims.A subordinated claim ranks lower than even the unsecured general insolvencyclaims. A claim for repayment of a shareholder loan is generally a subordinatedclaim. 38A claim might also be subordinated by contractual agreement. Asubordinated claim will not be paid unless all higher ranking claims have been paidin full – that is, almost never.b. FranceCreditors must declare their debts against the company in order to establish theamount and nature of the claims. Most of the company’s creditors (except thecompany’s employees) must declare the amount and nature of their claim againstthe insolvent company within 2 months after the publication in the Official Bulletin ofCivil and Commercial Announcements (BODACC) of notice of the judgment openingthe proceedings.Creditors who are not located in metropolitan areas of France may declare theirclaims within four months from the announcement in the BODACC. Except for thetime period for filing their claims, creditors from outside of metropolitan France (and37 The administrator’s determination of the insolvency quota is subject to review by the creditors’committee and the Insolvency Court.38 The two exceptions to this rule are (i) a claim by a shareholder who is not a director of the company andwho does not hold mor than 10% of the registered capital, and (ii) a claim by a shareholder who became ashareholder and made a loan in an attempt to rescue the company from insolvency, when that shareholderdid not hold 10% or more of the stock of the company before the rescue attempt.26