{"id":63247,"date":"2025-10-01T15:03:11","date_gmt":"2025-10-01T13:03:11","guid":{"rendered":"https:\/\/mf.ag\/restructuring\/navigating-restructuring-across-borders-insights-into-the-french-market\/"},"modified":"2025-10-01T15:23:14","modified_gmt":"2025-10-01T13:23:14","slug":"restructuring-in-france","status":"publish","type":"page","link":"https:\/\/mf.ag\/en\/restructuring\/restructuring-in-france\/","title":{"rendered":"Navigating Restructuring Across Borders: Insights into the French Market"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

At Valtus Alliance<\/a>, we rely on an international network of restructuring experts – because legislation and restructuring practices<\/a> vary significantly from country to country. In this interview, Thomas Tschol<\/a>, Managing Partner at Management Factory, speaks with Christophe Mare<\/a>, Partner at Valtus France<\/a>, about the particularities of the French restructuring landscape.<\/strong><\/p>\n\n\n\n

Christophe, how would you describe the French restructuring landscape?<\/h3>\n\n\n\n

\u201cIn France we have established a collaborative ecosystem for business recovery. When French companies face financial distress, a robust and well-structured professional network steps in to support turnaround efforts. This multidisciplinary ecosystem brings together public institutions and private-sector experts working toward one goal: preserving businesses, employment, and economic value.\u201d<\/em><\/p>\n\n\n\n

Who is involved?<\/h3>\n\n\n\n

\u201cWell, our professional restructuring network has seven different groups of players:<\/em><\/p>\n\n\n\n

    \n
  1. \u202fCommercial Courts (Tribunaux de commerce)<\/strong> \u2013 Specialized judges overseeing restructuring and insolvency proceedings, ensuring legal fairness and creditor protection.<\/em><\/li>\n\n\n\n
  2. Administrateurs judiciaires (Court-appointed administrators)<\/strong> \u2013 Appointed by the court to assist or manage companies during safeguard or receivership procedures. They play a central role in diagnosing, negotiating, and implementing restructuring plans.<\/em><\/li>\n\n\n\n
  3. Mandataires judiciaires (Judicial representatives)<\/strong> \u2013 These professionals safeguard the interests of creditors and oversee asset distribution during insolvency proceedings.<\/em><\/li>\n\n\n\n
  4. \u202fChartered Accountants & Auditors<\/strong> \u2013 Often the first to detect financial fragility; they support early diagnosis and help prepare necessary documents for restructuring.<\/em><\/li>\n\n\n\n
  5. \u202fLawyers<\/strong> \u2013 Provide legal advice, represent stakeholders, and structure negotiations, especially in complex or cross-border cases.<\/em><\/li>\n\n\n\n
  6. \u202fBanks & Financial Advisers<\/strong> \u2013 Work with distressed companies to renegotiate liabilities, inject financing, or coordinate with public and private creditors.<\/em><\/li>\n\n\n\n
  7. Public Bodies (like CIRI, CODEFI, CCSF)<\/strong> \u2013 Offer mediation, coordination, and support to avoid court proceedings when possible and assist with public claims.\u201d<\/em><\/li>\n<\/ol>\n\n\n\n

    How do they interact?<\/h3>\n\n\n\n

    \u201cThis network operates through cooperation, often under tight time constraints. Company management plays a central role, supported by their advisors. When necessary, legal proceedings introduce court-appointed professionals to manage or supervise the process. Communication and trust between all stakeholders – public and private, legal and financial – are key to building viable restructuring plans. France’s restructuring network is a prime example of how diverse professionals can collaborate to support business continuity and economic resilience.\u201d<\/em><\/p>\n\n\n\n

    Does your government support companies in crisis \u2013 for example, through specific subsidies or state-backed loans?<\/h3>\n\n\n\n

    \u201cYes, it does. Did you know that France has a specialized task force dedicated to supporting companies in financial distress? The Interministerial Committee for Industrial Restructuring (CIRI), operating under the French Ministry of the Economy and Finance, plays a key role in assisting French companies facing serious financial challenges. Created in 1982, CIRI works discreetly with businesses\u2014primarily medium and large companies – with significant economic or social impact. Its mission? To facilitate constructive dialogue between the company, its creditors, and other stakeholders in order to find restructuring solutions and preserve jobs and industrial know-how. With a highly experienced team, CIRI acts as a neutral public mediator, helping design and implement turnaround plans, and restoring financial stability as a pathway to long-term business viability.\u201d<\/em><\/p>\n\n\n\n

    What mechanisms are in place for distressed companies?<\/h3>\n\n\n\n

    \u201cIn France, when businesses face financial pressures, two local-level public mechanisms step in to help: the CCSF <\/strong>and CODEFI<\/strong>.<\/em><\/p>\n\n\n\n