Insol International

For the purposes of assessing which transactions are vulnerable to attack (as opposed to possibly giving rise to the directors incurring personal liability), the “twilight” period is known in France as the “suspect period”2. Under French law, this is different to the observation period during which the directors undergo supervision and/or direct involvement of a court-appointed administrator, liquidator or receiver, as appropriate. (See further the Appendix below).

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