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Enhanced secured creditors in France after cornerstone reform of security Law and collective proceedings of September 15, 2021.
Jeantet, October 2021

October 2021 Ordinances n°2021-1192 and 2021-1193 of September 15, 2021, respectively reforming security law and amending Book VI of the French Commercial Code, implement mandates of the PACTE Law of May 22, 2019[1] to: modernize security law[2], improve the articulation of security law with collective proceedings law[3] and transpose the (EU) Directive 2019/1023 of June 20, 2019[4], known as the "Restructuring and Insolvency Directive"[5]...

French State Guarantee Scheme to Secure Loans: Clarifications and First Feedback
Jeantet, April 2020

The French State guarantee of 300 billion euros scheme to secure loans granted by banks to companies affected by the Coronavirus pandemic. This was set up by Amendment to the French budget law for 2020 dated 23 March 2020[1] (completed by two arretés dated 23 March 2020 and 17 April 2020 and modified by the second amendment to the budget law dated 25 April 2020[2]) is already a success...

Details on Deadlines in Terms of Urban Planning and the Environment - Various Provisions in Terms of Deadlines to Deal with the COVID-19 Epidemic
Jeantet, April 2020

A new ordinance n°2020-427 of 15 April 2020 on various provisions regarding deadlines for dealing with the covid-19 epidemic (the “Deadlines Ordinance of 15 April 2020”), presented to the Council of Ministers on 15 April, was published in the Official Journal on 16 April 2020, as it was eagerly awaited by real estate and construction professionals, as well as by the renewable energy sector...

Public Procurement Code, Public Procurement Contracts and Other Public Contracts during the Period of COVID-19, What is the Situation?
Jeantet, April 2020

The current health emergency has called for the introduction of derogating and temporary rules on public procurement, both in the field of awarding and executing public contracts, given the current difficulties of enterprises and other economic operators to carry out their services and contracts normally in a period of containment. In public procurement law, Ordinance No...

Extension of contractual deadlines expiring during the state of health emergency
Jeantet, April 2020

Adopted as part of the measures supporting enterprises in the context of the Covid-19 crisis, the ordinance n° 2020-306 of March 25th, 2020 contains the following temporary provisions applicable to contractual deadlines:   SUSPENSION OF THE CONTRACTUAL STIPULATIONS SANCTIONING THE NON-PERFORMANCE OF AN OBLIGATION According to Article 4 of the ordinance: “Penalty payments, penalty clauses, termination clauses and acceleration clauses, the purpose of which is to sanction the non-

Impact of the COVID-19 Outbreak on Real Estate Sales
Jeantet, April 2020

This newsletter explains the consequences of the texts adopted by the government on the withdrawal period granted to the non-professional buyer (i), the fulfilment of the conditions precedent provided for in the sale commitment (ii) and the notarial deed of sale (iii).   (i) THE WITHDRAWAL PERIOD When the legal withdrawal period of 10 days which the non-professional purchaser has following the signature of a sale commitment (Article L...

COVID-19 Crisis – Towards Eased Distant Execution of Documents in Financing Transactions Under French Law
Jeantet, April 2020

Covid19 related lock down measures implemented in France since mid-March make it quite difficult if not impossible to hold physical meetings for signing financing transactions under French law / involving French parties. For notarised deeds, the emergency measures enacted by a decree dated 3 April 2020 have suspended the requirement of physical presence during and replaced it by remote signature mechanism. This applies to the remote signature of notarised loan agreement and mortgage deeds...

The European Union Put to the Test by COVID-19 – The Issue of State Aid Remains Topical
Jeantet, April 2020

Aware of the political and economic challenges facing by the European Union, the European Commission has decided to act swiftly as part of its task of monitoring state aids under Articles 107et seq.of the Treaty on the Functioning of the European Union, which require Member States to notify, prior to their implementation, measures that are likely to distort competition within the EU...

Temporary Flexibility in the Dates for Submission of European Prudential Reporting Statements, Additional National Requirements and Public Disclosure in the Insurance Sector
Jeantet, April 2020

By Ordinance dated April 1ston emergency measures relating to staff representative bodies (“IRP”), the Government had provided for the possibility for companies to hold meetings with their IRP via videoconference or conference call but also by instant messaging app if the two first means cannot be used. By Decree published on April 10th, 2020, the Government provided clarifications on how to use conference calls and instant messaging...

Coronavirus: Content of the government's Social Law ordinance
Jeantet, March 2020

After the publication in the Journal Officiel of the Law “emergency to deal with the Covid-19 epidemic”, the Government presented, Wednesday in the Council of Ministers, 25 ordinances and several decrees to deal with this health and economic crisis. These texts were published in the Official Gazette of 26 March 2020 and are therefore applicable. We present here the various measures adopted in Labour Law...

Listed Companies Facing Coronavirus
Jeantet, March 2020

Although the coronavirus is an extraordinary situation making financial communication both necessary and particularly sensitive, there is no indication at this stage that listed companies will benefit from any exemptions regarding compliance with their legal obligations or from any forbearance from theAutorité des Marchés Financiers(“AMF”)...

COVID-19 and Health Data
Jeantet, March 2020

In principle, the employer may not take measures likely to infringe on the privacy of its employees, in particular by collecting health data or information relating to the search for possible symptoms (art. 9 of the GDPR and art. 6 of the Data Protection Act). 1...

Coronavirus: What Consequences on Financing Agreements?
Jeantet, March 2020

The covid19 global crisis and the relating lockdown measures will strongly impact the activity of borrowers and the value of their assets. Their repayment capacity and their liquidity needs will also be affected. The crisis also impacts lenders and the operation of financial markets. We outline advice to meet the difficulties that may arise in the implementation and negotiation of financing agreements.   1...

Additional Measures to Support Companies Particularly Affected by the COVID-19: Creation of a State Fund of Solidarity
Jeantet, March 2020

The French Government Ordinance enacted on 26 March 2020[1] create a solidarity fund intended to provide financial aid to natural and private law legal persons having economic activity severely affected by the Covid19 crisis. The Solidarity Fund is created for a three-month period (renewable once for the same duration by decree) and will be funded by the State, and on voluntary basis, by regions and certain other territorial authorities...

Listed Companies Facing Coronavirus – 2nd Edition
Jeantet, March 2020

PUBLICATION OF TWO ORDINANCES OF MARCH 25, 2020 CONCERNING THE DELIBERATION OF THE CORPORATE BODIES AND THE APPROVAL OF THE ANNUAL ACCOUNTS Two ordinances were published on March 25, 2020, in order to allow (i) shareholders’ meetings to be held behind closed doors, (ii) boards of directors or supervisory boards to meet remotely even for the purpose of approving the annual accounts or without any provision in this respect in the by-laws, and (iii) an extension of the deadlines fo

COVID-19: What are the Main Tax Impacts?
Jeantet, March 2020

Taxation: emergency measures to be taken to deal with the coronavirus (COVID-19) crisis: transcription of the crisis into the companies’ accounts, reduction of the tax burden, preservation of the company’s cash flow and choice of financing and restructuring tools...

Adoption of the Ordinances of 25 March 2020 by the French Government: What are Their Tax Consequences?
Jeantet, March 2020

Article 10 of the French government’s Ordinance no. 2020-306 of 25 March 2020 on the extension of the time limits during the health emergency period and the adaptation of procedures during said period provides for specific provisions aiming at adjusting certain time limits applicable to tax audits and, more specifically, at suspending their application as of 12 March 2020 until the expiry of a period of one month after the end of the state of health emergency (i.e...

Coronavirus, a Force Majeur Event?
Jeantet, March 2020

COVID-19 was declared as a pandemic by the WHO on 11 March 2020...

Cryptocurrencies Offerings, Exchanges and Payments in France: Towards a Mix of Hard and Soft Law
Jeantet, October 2018

France has taken steps to set up a dedicated frame for cryptocurrency transactions aiming at conciliating legal certainty, market integrity and innovation. Capitalizing on best market practices, a recent bill defines an optional visa regime for ICOs, while a report commissioned by the French government sets forth principles of minimum regulations. Taxwise, the French Administrative Supreme Court has just ruled in favour of investors in Bitcoins...

Proposal for a Directive of the European Parliament and of the Council on Credit Services, Credit Purchasers and the Recovery of Collateral
Jeantet, June 2018

Earlier this year the European Commission issued a proposal for a Directive of the European Parliament and of the Council on credit servicers, credit purchasers and the recovery of collateral (the “Proposal”)...

Failure to Make the Proper Declaration to the French Data Protection Agency Regarding a Professional Email System Does Not Prevent Using Professional Emails in Court
Jeantet, July 2017

A CFO of a company was dismissed for poor performance. He sued his employer arguing that his dismissal was unjustified. The company’s defense was based on several emails produced in court which were supposed to show the CFO’s poor quality work.Under French law, the golden rule is that any system collecting or processing data including professional email systems must be declared to the Data Protection Agency (“CNIL”) in order to be legal...

A Manager Responsible for Work-Related Psychosocial Exposure Can Be Dismissed For Poor Performance
Jeantet, July 2017

A regional director was fired for poor performance.According to her dismissal letter, she was terminated because of her behavior that had led a number of co-workers to suffer from stress and harassment. More particularly, the letter pointed out her directive management style and her authoritative leadership, a lack of consistency and honesty, the fact that she aimed at discouraging her team members and did not treat them with respect using an insulting and degrading language...

The Dismissal of an Employee Repeatedly on Sick Leave is not Justified When it only Disturbs a Non-Essential Department of the Company
Jeantet, July 2017

An employee was fired after several sick leave periods, the last one of more than seven months. Her dismissal was based on the disturbance of the running of the prospecting and customer retention department that had resulted from her frequent and prolonged absences.She sued her employer before the labor court, seeking to have her dismissal declared unfair.The Court of Appeals rejected her claim...

Reform For Funds to Provide and Purchase Loans
Jeantet, June 2017

The French market has been known to be restrictive due to the banking monopoly, which classically restricted the origination of loans and the acquisition of unmatured receivables to credit institutions and financing companies, with small exceptions. Due to the overregulation of credit institutions and financing companies, many transactions were structured abroad...

Effective on 1st October 2017, Reform of French Security Agent Law: A Mechanism as Competitive as the Security Trustee in Syndicated Loans and Secures Bond Issues
Jeantet, May 2017

Created in 2007 with a view to provide French law with a security agent regime in syndicated loans as competitive as the Anglo-saxon security trustee, the provisions of Article 2328-1 of the French Civil Code have been subject to criticism because of the legal uncertainty related to the nature of the security agent''s powers and its too limited scope...

 

 

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