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. FranceWith some exceptions 77 (e.g., shareholders and directors of the insolvent company),any person may file a bid for the takeover of all or part of the company’s assets bothin the context of a redressement judiciaire (when it appears that the insolventcompany cannot continue to operate its business) or of a liquidation judiciaire. TheCourt sets a deadline for offers to be submitted, and sets a date by which a reportwill be issued (by the administrateur judiciaire or the liquidateur) to the Court on theoffers received. The Court will assess the merits of the offers based upon the criteriaoutlined in the French insolvency law. (See Paragraph III. A. 5. b., supra.) Thebidders will acquire those assets identified in their offers, and will take aboard alimited number of employees in accordance with the terms of their offers. All otherliabilities will remain with the company which will thereafter be liquidated and theemployees not transferred to the bidders will be dismissed by the liquidator.3. Acquiring shares of the company with new capitala. GermanyThe German Insolvency Statute provides for a debt-to-equity-swap, which may beintegrated into an insolvency plan and which does not require the consent of the“old” shareholders. 78However, the debt-to-equity-swap as an instrument ofrehabilitation is quite complicated and therefore has not yet become very common inpractice. In addition, the insolvency plan may incorporate a share capital increaseas a method of recapitalization.77 The Court may however waive such exceptions.78 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.] 3533, § 225 a sect, 1.57