Insolvency
Early redemption in case of insolvency
According to French law
Deadline: None
Eligible schemes: PEE (company savings plan) / PEG (group savings plan) / PEI (inter-company savings plan) and PERCO (collective retirement savings plan) / PERCOI (inter-company collective retirement savings plan) and PERECO (collective retirement savings plan created by PACTE law) / PERECOI (inter-company collective retirement savings plan created by PACTE law)
Supporting documents to accompany the redemption request
Trigger event date: date of conciliation panel request or date of district court ruling
- Request from the President or Secretary of the conciliation panel (Commission de surendettement - a pre-bankruptcy stage) specifying the amount to be released
- Or Ruling by the district court judge specifying the amount to be released
- Or Decision in ex parte proceedings by district court
Informations complémentaires
Conditions
The request must be sent to the Account Holder (Société Générale) by the President or Secretary of the conciliation panel (Commission de surendettement) or the district court judge.
The funds are paid directly to the account holder to pay his or her creditors.
Excluded events
- Request sent directly by the account holder
- Personal bankruptcy procedure (PRP)
Questions / Answers
No, because Articles R.3324-22 and R.3334-4 of the French Labour Code refer only to pre-bankruptcy insolvency procedures, personal bankruptcy cannot be treated in the same way.
No, the conciliation panel (Commission de surendettement) or the district court judge can only request early release once. Nevertheless, while the liabilities remain in existence, the panel or judge can submit another request.
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