Filing a 'Declaration de creance' claim

Dear Cath,

I agree that every owner is of course free to file their claim direct, using DIY forms & templates... at their own risk, or to have this done professionally.

Regards,

Fabien
http://www.solicitor.fr/leasebacks.html

Dear Richard,

Feel free to contact me direct - I will be pleased to advise what is due & when, and whether you can claim any unpaid rent by filing 'Declaration de Creance' claim. I will need a copy of your lease agreement for inspection please.

Fabien

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I thought it ma be useful to
clarify what 'Declaration de creance' entails.

Pursuant to the Insolvency Act 26 July 2005 and Article L622-17 of the Code de
Commerce, debts arising after the date a French company is put into
Receivership must be paid by the company's Receiver.

Article L622-17

(Act No 2005-845
of 26 July 2005, Article 1 I, Article 33, Official Journal of 27 July 2005, in
force on 1 January 2006 subject to Article 190).

I - Claims arising in a proper manner after the issuance of the commencement
order for the needs of the proceedings or the observation period or as consideration for goods and
services provided to the debtor with respect to its professional or activity during this period, shall be paid as
they fall due.

However,
those debts e.g. rents that arose prior to the leaseback company becoming insolvent must be lodged in the insolvency proceedings. This is a necessary step in order for the Court to admit claims and consider you as a
(usually non-preferential) creditor in the Receivership.

The process of lodging a claim or proof of debt with the competent official of
the insolvency proceedings (Liquidator or Creditors’ Representative) is called 'Déclaration de créance '.

Whether
creditors will effectively get paid, and if so how much and when, depend on
several factors including the company's financial situation, its capacity to
recover and finally the Judge's decision. One thing is sure however, your rent
arrears and other expenses will be irremediably lost
unless you file a claim in the Receivership, by doing a 'Declaration de
creance'.

cordiez39931.8082986111

French Leaseback Companies in Receivership - Claims submissions - What happens next?

Once the claims have been submitted, the Creditors' Representative verifies them in the debtor's and the Administrator's presence, under the supervision of the controllers and draws a list of the claims he proposes to admit, totally or partially, or refuse. The final decision about these claims belong to the 'Juge Commissiaire'.

Admission of insolvency claims can be disputed by the Creditor's Representative, the Administrator, the debtor or any other interested person. Refusal of admission can be disputed by the creditor, through legal proceedings before the Court of Appeal.

All leaseback owners can file their claim using standard templates, on a DIY basis. But is this such a good idea?

The process of filing a 'Declaration de Creance' claim is subject to specific rules of French Insolvency Law. The document is to be written in French, statutory wording e.g. Statement of Truth must be used and there are essential concepts of French law one needs to be aware of when drafting the claim.

If you have no French legal training, you might make mistakes that would jeopardise your claim, with the consequence that your (unpaid) rents would be being irremediably lost.

Beware.

Dear Paul,

I replied to your emails on 2 and 8 June respectively.

Didn't you receive my responses?

I am re-emailing these to you and will also forward them again through this forum's private message service.

Regards,

Fabien

Thanks Paul,

No worries.

Just a reminder to everyone: The deadline for lodging your claim for unpaid rents up to 24 March in Residhotel's Receivership is 24 July 2009 if you do not reside in France. If you live in France, the deadline was 24 May.

Regards,

Fabien

Please note that all debt claims must be filed by 14 August 2009, not 24 July, i.e. 4 months after Residhotel's Receivership Order was published on 14 April.

These are the extended time-limits for leaseback owners who live overseas. For French-residents, filing a 'delcaration de creance' claim is already time-barred.

Regards,

Fabien Cordiez



mccos39997.3278935185