London Partner, Didier Bruère-Dawson, was interviewed on the French network, BFM Business avec vous, where experts answer questions posed by auditors on difficulties companies are facing during the crisis.

Question 1: What is the situation of the companies which were involved in insolvencies and pre insolvencies proceeding? 

Didier: I explain that the legal frame had been temporarily amended and all time lines extended in order to allow the recovery plans to stay alive. 

Question 2: What is the aim of the new law enacted on May 20? 

Didier: One of the main modifications is to ensure that creditors will hold the line in discussion, that there won’t be a rat race playing against both debtors and creditors, because conciliators could swiftly request that dissenting creditors will have to pause their claims for two years at the most. 

Question 3: Do you deal now with insolvencies at Brown Rudnick in Paris?

Didier: At Brown Rudnick we convinced clients to start out of court pre insolvency processes during confinement, because it was obvious from the start that there will be covenants breaches and bad profit warnings with down turn in business and uncertainty. In these conciliation procedures we represent creditors or debtors in hospitality, retail, fashion etc. with the view to work this out without in court insolvencies needs. We try to help them to find new agreements together.

 

Watch the full interview (in French) here.

Didier's segment begins at 1:28:30.