BANKRUPTCY IN FRANCE

Abstract

Given widespread international concern about the operation of bankruptcy systems and new or proposed reforms in several countries, this article undertakes a study of the comparative law of bankruptcy. The author hopes to assist with the interpretation and application of bankruptcy law in other countries, as well as offer suggestions for reform. With a focus on France, he surveys the history of bankruptcy leading up to reforms in that country meant to make French bankruptcy law more compatible with the laws of other European Economic Community countries. He explains those reforms and ancillary legislation regarding the privilege of the treasury as a preferred creditor, the privilege of the wage earner, procédure de suspension provisoire des poursuites and the règlement judiciaire and liquidation des biens. Finally it assesses the reforms and concludes the French experience has much to offer Canadian lawyers.