The reforms, which are the result of the transposition of the EU’s Restructuring Directive, should come into force in October.

Key Points:

..The introduction of new “accelerated safeguard” proceedings that satisfies the criteria laid down in the Restructuring Directive will likely result in a fairly limited reform.

..Clarifications have been made regarding creditors’ classes.

..Although there should be no surprises regarding the cross-class cram-down mechanism, details have yet to be finalised.

..The French government is willing to create additional distinctions between regular safeguard and reorganisation proceedings.