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Sauvegarde financière accélérée is a specific type of sauvegarde accélérée thataffects only financial creditors – generally, financial institutions and bondholders –and not suppliers or other trade creditors. It is dedicated, in particular, to heavilyindebted companies that have obtained the support of the majority of their financialcreditors during the conciliation. Its purpose is to overcome the opposition of thatminority of the financial creditors that refuse the plan proposed.The criteria for opening a sauvegarde financière accélérée are the same as those fora sauvegarde accélérée. However, the duration of such procedure cannot exceedtwo months.c. England and WalesThere is no English equivalent of “combined proceedings.”The Englishadministration procedure and Voluntary Arrangement (for small companies) has theprotection of a moratorium for the period of the insolvency process. This allows thecompany “breathing space” from creditor actions or claims to enable the company torestructure its debts or rescue the company.13. Termination of Insolvency Proceedingsa. GermanyIf, after the completion of the liquidation, transfer or rehabilitation, the administratorhas sufficient assets to repay all of the insolvent company’s debts, the company willbe released from administration. This is a very rare occurence. In most cases,unsecured general insolvency claims are paid only a percentage of their value, if atall. Unless the administrator can pay all of the insolvent company’s debts, thecompany is either removed from the Commercial Register or released from theinsolvency proceeding, stripped of all assets.41