1E9Ct5D

. FranceThe liquidation proceedings are closed after payment of all liabilities or in case ofinsufficiency of assets. The judgment closing the liquidation puts an end to theduties of the liquidator. The judgment of closing of the liquidation proceedings issubject to the same publicity formalities as the judgment opening the proceedings.Once the liquidation proceedings are closed, the company is delisted from the Tradeand Companies Register.c. England and WalesAn administration is a temporary procedure and will most likely develop intoliquidation, dissolution, or simply return back to solvency via a voluntaryarrangement, other compromise with creditors, or simply trading back to solvencywith the assistance of the moratorium.A voluntary arrangement will either be successfully complied with and then return tosolvency or, in the event of a default that cannot be remedied, the Supervisor will beobliged to petition for liquidation.A liquidation will be completed once (i) any available assets are collected anddistributed to creditors by way of a dividend, (ii) the liquidator has completed hisinvestigation into the affairs of the company and (iii) reported to creditors. Onconclusion of the liquidation proceeding, the liquidator will apply to the Registrar ofCompanies to have the company dissolved (i.e. the legal ‘death’ of the company).14. Employee Rightsa. Germany42