Insolvency Law Reform in France: A Herculean Task

Discusses the development of French insolvency law and the reform programme begun in 1984. Considers the proposals for reform in the 1999 preparatory orientation document on: (1) the diagnosis and prevention of financial difficulties before the formal onset of insolvency; (2) the informal treatment of business difficulties through compositions and agreements with creditors; (3) definitions of insolvency; (4) supervision of rescue plans; and (5) liquidation procedures. Assesses the reaction to the proposals from the business community. Examines reforms to the status of insolvency practitioners including: (1) qualifications, training and professional conduct; (2) the conduct of cases; (3) the supervision of practice conditions; and (4) remuneration.