1E9Ct5D

shareholders of the debtor who, under the former law, were able to obstruct certaincorporate measures, such as the transfer of their shares to a third party under theinsolvency plan. If the insolvency plan is approved by the creditors and the Court,the insolvency proceeding ends with the payment of the creditors pursuant to theplan.b. FranceIf it appears that the company might solve its current difficulties and continueoperating its business, the administrateur judiciaire will draw up a recovery plan (plande redressement par voie de continuation) that will be submitted to the Court forapproval. The duration of the plan may not exceed ten years. The administratormust pay particular attention to securing the debtor’s assets, collecting outstandingreceivables, and deciding whether to continue the business, based on an economicevaluation of the enterprise and the reasons for the insolvency.c. England and WalesIn an administration, the Administrator must send creditors a Statement of Proposalssetting out the strategy for dealing with the company. The Administrator has eightweeks after his appointment to send the Statement of Proposals. The proposalsmay include selling parts of the company, trading the business, seeking furtherfinance, or other options available. The proposals are made in accordance withstatutory objectives, the first of which requires the Administrator to attempt to rescuethe company as a going concern.At a meeting held within ten weeks of the appointment, creditors can vote onwhether to accept, modify or reject the Administrator’s proposals. If creditors fail to34