Publications
Portfolio management company and securitisation custodian: status, duties and legal responsibilities
By Raphaël MORENON11 August 2025When setting up a securitisation transaction, a robust legal framework and clear roles are essential to secure the investment and guarantee market confidence. Although powerful, this financial mechanism relies on the coordinated involvement of players with well-defined and strictly regulated functions. Among them, the portfolio management company and the custodian form an operational tandem whose reliability determines the success of the whole. Understanding their status, their respective roles and their responsibilities is therefore essential for all stakeholders. Our firm, which specialises in banking and financial law, has observed that a lack of understanding of these mechanisms can lead to significant legal and financial risks. The purpose of this article is to detail the prerogatives and obligations of these two pillars, based on the legal framework governing securitisation undertakings in France. For an overview, please refer to...
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> The practice of seizing propertyA practical, chronological and exhaustive study of the implementation of a property seizure procedure.
We put all our expertise to work to achieve a simple objective: to prevent a property seizure.
Lapse of documents initiating proceedings: pitfalls and consequences
Filing a document initiating proceedings entails procedural risks that are sometimes overlooked. Lapse is one of these, and is a formidable penalty for negligent litigants. This 'death' of an initially valid legal act can occur as a result of specific rules that all litigants should be aware of. What is nullity? Lapse...The Judicial Agent of the State: history and essential missions
Behind the media trials involving the French State lies a little-known but fundamental institution: the State Judicial Agent (AJE). This body has been defending the financial interests of the Republic for more than two centuries. It plays a decisive role in balancing public finances and representing the State before the courts...Repeat auctions: mechanism and consequences
1. Principle and definition of the reiteration of bids Terminological evolution: from "folle enchère" to reiteration The reiteration of bids replaced the term "folle enchère" when the seizure of property procedure was reformed by Order no. 2006-461 of 21 April 2006. In the past, this term referred to...Electronic auctions - procedures and particularities
1. Legal framework for electronic auctions Legal definition Article L. 321-3, paragraph 1, of the French Commercial Code defines an electronic auction as "the act whereby an agent offers an item for remote public auction by electronic means in order to sell it to the highest bidder". This...Enforcement in the context of collective proceedings and overindebtedness
You have a writ of execution and your debtor is not paying. The way forward seems clear: seize the debtor's assets, bank accounts or income. But the opening of collective or over-indebtedness proceedings changes all that. These mechanisms, designed to deal with the overall debts of a debtor in difficulty, often place the debtor...Auctions: players and procedures
To understand auctions in their entirety, it is essential to be familiar with their principles and definitions. More specifically, sales by auction are governed by a precise legal framework. The players and procedures vary depending on whether the sale is voluntary or legal. Here's what you need to know about...Provisional enforcement: definition, basis and distinction from final enforcement
In a legal environment where procedural deadlines are getting longer and longer, provisional enforcement is a decisive tool for litigants. This option allows creditors to obtain satisfaction without waiting for the final outcome of a dispute. What is provisional enforcement? Provisional enforcement is defined as "the right granted to the successful party...Proceedings before the JEX: what happens at a hearing?
Mastering the procedure before the enforcement judge (JEX) is a decisive asset in winning your case. This specialised court, created by the law of 9 July 1991, deals with all enforcement disputes. Its procedure is governed by specific rules that you should be familiar with to avoid any pitfalls.The effects of provisional enforcement during appeal or opposition proceedings
Provisional execution, a derogation from the principle of the suspensive effect of ordinary legal remedies, allows a creditor to pursue the immediate enforcement of a court decision despite an appeal or opposition. But what are its practical effects? When do they take effect? How do they affect the parties to the dispute? When does provisional enforcement take effect?Stopping and adjusting provisional enforcement: protecting the debtor
Provisional execution is formidable for the convicted debtor. It neutralises the suspensive effect of the appeal or opposition. The creditor can therefore obtain payment even though the decision is not final. But there are safeguards. The law offers two protective mechanisms for the debtor: the complete cessation of provisional enforcement...
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