By Yasmine EDDAM
5 April 2025
For a long time, collective proceedings have had a hard time dealing with security interests. Ordinance 2021-1193 of 15 September 2021 attempts to resolve this conflict. It strikes a balance between safeguarding businesses and protecting creditors. This balance meets the expectations of practitioners faced with contradictory rules. A rethink of the relationship between two branches of law Security law is concerned with the effectiveness of guarantees. Collective proceedings law aims to safeguard businesses. These objectives often conflict. The PACTE Act of 22 May 2019 gave the government the task of «simplifying, clarifying and modernising the rules on security interests and creditors holding security interests in Book VI of the Commercial Code». Ordinance 2021-1193 maintains these rules in the Commercial Code. However, it adds bridges with the law on security interests. Several articles of the Civil Code now refer to specific solutions for collective proceedings. The new system standardises terminology....
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