France
Introduction - The French Perspective on Restructuring
Compared with other countries which the JCOERE project has surveyed, the approach of France to restructuring has been developed incrementally since the 1980s with continued reassessment and development over time. The sauvegarde procedures described in the report are covered by the EIR-Recast 2015 which is interesting in terms of future developments when a comparison of which rescue processes are outside or within the Regulation is carried out. None of these procedures specifically allows for cross class cram down, which is the corner stone to a robust restructuring process. However, it would seem that further reforms, anticipated in light of the PRD 2019/1023, will address this issue. The prevention of insolvency proceedings and the consequent rescue of dependent businesses and preservation of jobs are amongst the stated policy goals.