Bibliographie sélective OHADA

Pendant très longtemps, le statut de commerçant sur le domaine public n’avait pas profondément évolué. La raison principale est qu’il y avait une antinomie entre le régime de la domanialité publique et les règles protectrices qui fondent le statut de commerçant en droit commercial. Par conséquent, ce régime faisait obstacle à toutes les évolutions. De par son effet, le commerçant ne pouvait par exemple pas exploiter son fonds de commerce sur le domaine public, ni non plus bénéficier de la législation sur les baux commerciaux. Aussi, en cas de faillite, les règles dérogatoires issues des procédures collectives dont bénéficient le commerçant sont altérées par ledit régime. De surcroît, le principe de la liberté du commerce et de l’industrie qui garantie l’activité commerciale est mise à mal par les restrictions du commerce non-sédentaire sur le domaine public.Constatant que cette situation constitue une insécurité juridique pour le commerçant sur le domaine public, le législateur a réagit par la loi n°2014-626 du 18 juin 2014, dite Loi Pinel, en autorisant le fonds de commerce sur le domaine public. Si cette évolution législative permet a priori de sécuriser les droits du commerçant sur le domaine public, il faudra en même temps retenir qu’elle est insuffisante, au regard des difficultés rencontrées par le commerçant sur le domaine public. L’ambition de cette thèse, est de contribuer à l’aboutissement des évolutions déjà amorcées par le législateur, en proposant l’extension des droits du commerçant en vue de parfaire le processus de valorisation économique du domaine public.

Le droit de l’environnement et le droit des entreprises en difficulté sont deux disciplines aux intérêts antagonistes. L’exploitation d’une ICPE impose à l’entreprise une obligation de remise en état des sites et sols pollués à la cessation d’activité. L’ouverture d’une procédure de liquidation judiciaire vouée à une clôture pour insuffisance d’actif est une menace sérieuse à la prise en charge des créances environnementales par l’entreprise en difficulté. Le mécanisme des garanties financières paraît plus adapté au principe pollueur-payeur qui fonde l’obligation de remise en état mais reste inefficace tandis que les systèmes mutualistes et la « séniorisation » d’une partie des créances environnementales dans l’apurement du passif par la loi portant industrie verte contrastent avec la philosophie du principe pollueur-payeur. Cette étude se propose de concilier les intérêts du droit de l’environnement et ceux du droit des entreprises en difficulté par le concept d’une « assurance-vie environnementale » comme outil juridique et financier au service de l’intérêt général

This study aims to provide a detailed and comprehensive legal analysis of international bankruptcy and related issues by drawing on comparative law and private international law. In this context, this thesis aims to determine the legal qualifications of the transactions that fall within the framework of international insolvency and to address the problems related to these issues in detail. This study consists of five chapters. The first chapter examines the specific aspects of insolvency in the fields of debt enforcement, procedural law, and substantive law. The main argument in this chapter is that bankruptcy law has its own normative scope. In this framework, bankruptcy law and enforcement law regulate areas that can be analytically distinguished from each other. The law of debt enforcement regulates all actions and procedures based on the state's sovereignty and power to use force. On the other hand, bankruptcy law can be characterized as a multi-layered and unique branch of substantive law that has features related to the law of obligations or commercial law, depending on the context. The first chapter begins with an etymology of the concept of insolvency across various languages. The Turkish word "iflâs" is highlighted, which comes from the Arabic word "fls" (fels), indicating a state of destitution and insolvency. In English, the term "bankruptcy" has historical origins that trace back to medieval Italy, where merchants who couldn't pay their debts had their trading benches physically broken, a practice referred to as "banca rotta." The main goal of this analysis is to emphasize that historically, insolvency has been perceived as a condition of incapacity and deficiency resulting in disgrace, even in the mildest scenarios. In terms of the severity of Roman law, penalties such as enslavement or death for bankrupt individuals illustrate how grave the offense of bankruptcy was considered. Furthermore, during the Middle Ages, those in financial distress were scorned by society. Meanwhile, with the modernization of legal systems, efforts have been made to alleviate the negative social perception of individuals who become insolvent. These efforts have led to changes in the law and the emergence of new terminologies. Over time, legal terminology across different countries has evolved. For example, in the US, the terms "debtor" and "insolvency" are now more commonly used in place of "bankrupt" and "bankruptcy" respectively, in the context of insolvency law. In line with these changes in terminology, reform efforts at both the comparative and international law levels aim to diminish the stigma attached to insolvent individuals and companies, striving to provide them with the opportunity for a fresh start within the economic order. Moving on, the first section distinguishes between the narrow and broad meanings of the concept of insolvency in comparative law and international instruments. Throughout this study, bankruptcy in its narrow sense refers specifically to procedures that involve the liquidation and distribution of a debtor's assets and/or the dissolution of their legal personality to satisfy creditors in accordance with applicable laws. In contrast, the broad sense of insolvency encompasses the debtor's objective inability to pay, the formal declaration of this predicament by a competent authority, body, or the debtor themselves, as well as all subsequent actions taken to settle claims and manage the debtor's assets. Within this expansive interpretation of insolvency, the study underscores the principle of collectivity, which is critical in administering bankruptcy procedures. Additionally, it conceptualizes bankruptcy as a wide-ranging framework, starting from liquidation in the narrowest scope and extending to include debt restructuring and non-judicial workout solutions. Furthermore, this study primarily considers insolvency law as substantive law. It supports the notion that while insolvency contains procedural elements, these are not its defining features. The focus here is on the processes associated with the initiation, execution, management, and conclusion of bankruptcy proceedings. The second chapter of the study is dedicated to the conceptual framework and theoretical perspectives of international insolvency. The term "international insolvency" refers to various situations in which a debtor may have a cross-border element—such as operating in more than one country, being domestic with creditors located abroad, being a foreign entity with domestic creditors, or having assets dispersed over multiple countries. In this section, the chapter elaborates on various theoretical approaches to the legal framework governing international insolvency. These approaches include territorialism, which is based on the principle of territoriality or locality; universalism, which advocates for consistent practices and standards in cross-border insolvencies; and the hybrid approach. Due to the practical difficulties encountered with universalism, mixed approaches have been developed, offering alternatives such as cooperative territoriality, multilateralism, contract theory, universal proceduralism, and modified universalism. The examination of these approaches, each presenting distinctive advantages and challenges, provides significant insights into the ongoing and potential resolutions for issues in international insolvency. Chapter Three outlines a general framework that defines the relationship between international insolvency and the law. In this chapter, the legal nature of international insolvency law is first explained, and a reminder is provided of the modern insolvency law approach introduced in the first chapter. Within this framework, the aim of insolvency law is to develop a collective procedural structure founded on the principles of justice that considers the interests of all parties involved. It seeks to maximize the value of the debtor's assets, minimize waste, ensure the rescue of viable businesses, and develop appropriate techniques for these purposes. The transnational aspect of bankruptcy introduces an additional layer of complexity to the existing definition and framework. Consequently, international insolvency law is evolving into a distinct system within private international law, specifically catering to transnational insolvency cases. This system often described as "sui generis" strives to fulfill the objectives of insolvency in scenarios that transcend national borders. The growing field of transnational insolvency anticipates the effective centralization of proceedings that are acknowledged and aided by foreign authorities. The goal is to maximize asset values and ensure business recovery while carefully considering the interests of all affected parties, regardless of their location. In international insolvency cases, it's important to balance the interests of creditors and debtors. Factors like nationality or foreign status, as well as the role of the state as an entity under international law, should be considered in this balance. In order to establish this balance, it is of great importance to explore harmonious and effective solutions by evaluating these interests in a holistic framework. Practices in international insolvency and comparative law have tended towards a perspective that aims to harmonize and coordinate different interests. In fact, this is the main concern of the modified universalism approach. From this perspective, the final section of the third chapter examines various legal frameworks or regimes for international insolvency. This includes a study of the ecosystem of Model Laws related to insolvency, with particular emphasis on the 1997 UNCITRAL Model Law, as well as the regulations in force within the European Union, the United States, and Latin American countries. The fourth chapter delves into international insolvency by addressing traditional concepts of international procedural law. It evaluates the criteria for international jurisdiction in insolvency proceedings, the recognition of foreign insolvency judgments, and the determination of applicable law. These topics are scrutinized using a comparative legal framework, drawing from the UNCITRAL Model Law, regulations in the U.S. and the EU, and various national laws, which the third chapter discusses. Techniques from comparative and private international law are employed to analyze these issues, which can be summarized as follows: Firstly, in the realm of international insolvency and private international law, a common challenge involves identifying the competent court for the proceedings. This issue is often resolved using the principle of the Center of Main Interests (COMI). COMI refers to the primary location of a company's or legal entity's operational activities in the context of insolvency or debt restructuring. It is typically associated with the site of the debtor's main administrative office, the place where significant operations are conducted, or the location where crucial commercial decisions are made. Additionally, the issue of forum shopping often arises in discussions of international jurisdiction and represents the second significant concern. In the context of international insolvency, 'forum shopping' is the practice where an internationally active company selects a jurisdiction that is perceived to offer the most favorable legal environment for its restructuring or insolvency processes. The company then takes steps to establish its case in the chosen jurisdiction in hopes of benefiting from its laws in the event of insolvency. The modified universalism approach argues for a legal framework where the primary insolvency proceedings are initiated in the debtor's Center of Main Interests (COMI), while ancillary proceedings may occur in other jurisdictions. Such a framework aims to curb the practice of forum shopping. Both the UNCITRAL Model Law and the EU Insolvency Regulation embrace this approach, thus promoting a more orderly and predictable system for handling cross-border insolvencies. The second issue addressed in Chapter Four is the recognition of the effect of foreign insolvency procedures. This section scrutinizes how foreign insolvency procedures interrelate with existing cross-border insolvency frameworks and evaluates the limitations imposed by such frameworks on the ability of these procedures to be recognized and enforced. Initially, the discussion focuses on how international frameworks handle the concept of a foreign procedure, beginning with standards set by the Model Law and then proceeding to the foreign insolvency procedures outlined in the EU Insolvency Regulation. The characteristics of the procedures in these two contexts are compared, and the techniques foreign courts apply to recognize, enforce, or reject them are examined. The third issue explored in the fourth chapter is the rules concerning the applicable law, with a focus on the principle of Lex fori concursus. This concept is rooted in the broader lex fori principle, a cornerstone of private international law. Under the Lex fori principle, a court typically applies its own domestic law—the law of the forum—to decide both procedural matters and, in the context of insolvency, the substantive rules governing the proceedings. This application of domestic law aligns with the state's sovereignty, as procedural law is deemed an extension of a nation's public law framework. According to the principle of Lex fori concursus, the law of the country where the insolvency proceedings are initiated typically governs the insolvency process and any related legal actions. This principle is formalized as a general rule in Article 7 of the EU Insolvency Regulation. Nevertheless, the regulation also delineates specific exceptions to this principle in subsequent provisions. These exceptions, as articulated in the EU Insolvency Regulation, include the following: (1) Third parties' rights in rem; (2) set-off; (3) reservation of title; (4) contracts relating to immoveable property; (5) payment systems and financial markets; (6) contracts of employment; (7) rights subject to registration; (8) detrimental acts of the debtor; (9) effects of insolvency proceedings on pending lawsuits or arbitral proceedings and 10) Protection of third-party purchasers. Furthermore, public policy is also recognized as an exception. It is a general principle that when foreign court proceedings are concerned, the Lex fori concursus - the law of the place where the insolvency proceedings are occurring -should be applied by the local court. The public policy exception, however, might place restrictions on this principle. This safeguard, which bars the application of foreign laws that are in conflict with the fundamental principles of the local law, enables the local court to give preference to its own laws over those of another country under specific, limited circumstances in bankruptcy cases. Nevertheless, it is important to underline that the concept of public policy does not grant countries unfettered discretion. UNCITRAL emphasizes that for the exception to the lex fori concursus to be invoked on public policy grounds, the contravention must be "manifestly" evident, leaving no room for doubt. Chapter 5 explores the specific challenges associated with international insolvency, such as the identification of the debtor's assets, the imposition of insolvency seizures, the prioritization of claims, and the annulment of detrimental transactions intended to disadvantage creditors. Furthermore, the chapter examines the procedures governing insolvency and the complexities surrounding the insolvency of multinational corporations. Among these problems, under the section titled 'Determination of the Debtor's Assets and Insolvency Seizure,' the text mentions the difficult task of monitoring and recovering assets internationally in the digital age, where goods can rapidly move across borders. Variations in practices among different countries contribute to inconsistencies in this area and exacerbate challenges in insolvency cases. International commercial activities and cross-border bankruptcies further complicate the process of tracing and recouping assets and can result in conflicts between laws. The absence of a universal legal framework, applicable across all countries, poses a significant impediment to protecting assets and maximizing their recovery in the course of insolvency proceedings. In this context, there is a pressing need to cultivate global cooperation and establish mechanisms that address critical issues such as the identification of assets, the temporary seizure of assets, and the prevention of unauthorized transfers. For instance, the use of 'freezing orders'—the authority to impose temporary restrictions on the transfer, sale, or disposal of assets under foreign jurisdictions—has proven effective in safeguarding assets. Within the European Union, Articles 19(1) and 20(1) of the EU Insolvency Regulation mandate that an EU-wide suspension of transactions automatically takes effect upon the initiation of substantive insolvency proceedings in any Member State. Another issue discussed in the fifth chapter concerns the annulment of transactions made with the intent to harm creditors, an issue commonly referred to as 'avoidance.' This term describes any actions that undermine the debtor's ability to fulfill its obligations, thus impairing the rights of creditors by devaluing the debtor's assets or rendering them unreachable for creditor claims. The UNCITRAL Model Law on Cross-Border Insolvency and the EU Insolvency Regulation both seek to offer various solutions to this problem. Nevertheless, avoidance laws can differ significantly from one country to another, where legal systems have disparate criteria for assessing the validity of such transactions. A transaction that is deemed fraudulent in one jurisdiction could be considered valid in another. The chapter also addresses "conflicts of priorities" which present analogous challenges. The matter of creditor priority in international insolvency law underscores the absence of standardized regulations and systems, consequently impeding cooperation among courts and complicating the adjudication process. Considerable variations exist in the interpretation of equitable treatment for domestic and foreign creditors during insolvency proceedings, as well as in how such equity should be guaranteed. These complexities span from determining the sequence of repayment to more granular concerns regarding the handling of various types of creditors and their respective claims. These difficulties obstruct efforts to establish a consistent and harmonized framework for international insolvency law. In international insolvency cases, the varying legal traditions, economic levels of different countries, and cultural norms that shape business and economic practices necessitate a flexible framework capable of accommodating all alternatives—judicial and extrajudicial—to manage insolvency effectively. The prevailing trend in cross border insolvency law, as reflected in internationally recognized instruments, aligns with the general evolution of insolvency and restructuring law. This trend entails examining the compatibility of evolved insolvency procedures, which offer solutions for early-stage financial distress, with the mechanisms for recognition, cooperation, and legal assistance provided by international frameworks. Moreover, the impact of these procedures' implementation within the context of such frameworks is thoroughly considered. Chapter 5 concludes with a discussion on the insolvencies of multinational corporations, which have significantly grown in complexity due to the global economic downturns experienced over the past three decades. These insolvencies have carved out a distinct and intricate niche within international insolvency law, necessitating detailed scrutiny. The collapse of such large, cross-border enterprises highlights some of the most challenging facets of insolvency cases and has a profound influence on the global economic landscape. As this area intersects with the broader issues explored earlier in the study, it stands out as a fertile ground for legal innovation and swift progression, drawing upon advancements in legal theory, comparative law practices, and international regulations. The ongoing efforts and developments in this sector are proving essential in tackling these multifaceted challenges day by day. In conclusion, this study provides a thorough examination of the foundations, distinguishing traits, and practical applications of international insolvency law, framed within comparative and private international law. Its principal aim is to enrich the legal and theoretical discourse on cross-border insolvency by meticulously investigating the multifaceted procedures of insolvency in their global context. The historical development of insolvency and its integration into modern legal systems are explored, recognizing the profound influence of international insolvency's complexities on various legal frameworks. With a particular focus on two salient issues, the study confronts challenging topics such as the recognition and interrelationship of insolvency proceedings, their alignment with collaborative mechanisms and judicial support, the expansive definition and scope of insolvency across jurisdictions, and the intricate insolvencies faced by multinational corporations.

Le droit administratif et le droit des entreprises en difficulté sont caractérisés par leur exorbitance par rapport au droit commun -civil ou commercial-, en particulier en matière contractuelle. Ainsi le droit des contrats administratifs admet, par définition, que l'Administration contractante puisse user de pouvoirs dérogatoires du droit commun, dans un objectif d'intérêt général ou pour préserver la continuité du service public. De même, le droit des entreprises en difficulté permet aux organes de la procédure collective de mettre en oeuvre des mesures contraignantes pour l'entreprise contractante en difficulté, y-compris contre la volonté de l'Administration. La nécessité de préserver l'activité économique d'une entreprise et les emplois qu'elle véhicule, comme l'objectif moins prioritaire de rétablir les droits des créanciers, peuvent conduire à une remise en cause des droits de tout cocontractant du débiteur, y-compris ceux de l'Administration elle-même. L'ouverture de la procédure collective à l'égard du cocontractant de l'Administration se traduit par la confrontation de logiques et principes antagonistes ; elle ouvre un champ d'incertitudes théoriques et pratiques considérables. L'objectif de la présente thèse est donc d'étudier ce conflit de double exorbitance, qui se manifeste spécifiquement lorsque, dans le cadre d'un contrat administratif, le cocontractant de l'Administration est placé en procédure de sauvegarde, de redressement ou de liquidation judiciaire. La rencontre du droit des entreprises en difficulté avec le droit des contrats administratif entraîne la marginalisation partielle des solutions de droit administratif avec notamment une forme de primauté des règles imposées par les organes de la procédure collective sur les facultés de l'Administration contractante. Il convient d'accepter les entorses aux solutions traditionnelles en droit administratif, inhérentes aux impératifs de préservation des emplois, de redressement économique et de paiement des créanciers de l'entreprise en difficulté, tout en dénonçant le manque de clarté, la complexité, voire même le déséquilibre qui se manifestent parfois dans le cadre de cette conciliation.

L’ouverture d’une procédure collective modifie les relations que le débiteur entretient avec ses créanciers. D’abord, l’entreprise du débiteur est placée sous protection de la justice. Ensuite, ses créanciers sont regroupés et forment un groupement appelé « le groupement des créanciers » en raison de la discipline collective à laquelle ils sont soumis. Le regroupement des créanciers consécutif à l’ouverture de la procédure collective est une manifestation de la discipline collective. La soumission des créanciers à une discipline collective s’explique par l’existence dans le déroulement de la procédure collective de leur intérêt collectif qui doit être défendu par les organes de la procédure compétents tout au long de celle-ci. L’intérêt collectif des créanciers d’une procédure collective est leur intérêt commun qui se traduit essentiellement par leur paiement. L’une des finalités de la procédure collective consiste à faciliter le paiement des créanciers selon l’ordre établi par la loi. Pour cette raison, l’intérêt collectif des créanciers est un élément constitutif de la discipline collective à laquelle ces derniers sont soumis et un élément constitutif de leur gage commun. Les biens du débiteur sous procédure collective sont le gage commun de ses créanciers qui doit, en théorie, être acccessible à eux tous. Dès lors, tous les agissements fautifs à l’origine de l’appauvrissement du gage commun causent un préjudice à ceux-ci. À propos de ces agissements fautifs, ils émanent du débiteur, des dirigeants de la personne morale, qu’il s’agisse des dirigeants de droit ou de fait, des organes de la procédure collective notamment le mandataire judiciaire, le liquidateur, l’administrateur judiciaire, le commissaire à l’exécution du plan, des tiers et toutes les personnes qui se rendent complices de la commission de ceux-ci. Ainsi, le Livre VI du Code de commerce consacré au traitement des difficultés des entreprises prévoit des sanctions civiles et pénales applicables à ces agissements fautifs. Le principe est que tout préjudice doit être réparé. De ce fait, le préjudice causé aux créanciers d’une procédure collective ne fait pas exception à la règle. En cas de procédure collective, le paiement des créanciers demeure le moyen permettant à ceux-ci d’obtenir une réparation, laquelle est soit intégrale, soit partielle. Cependant, la réparation du préjudice collectif des créanciers d’une procédure collective est parfois impossible.

L’instrumentalisation des procédures collectives par les groupes de sociétés se manifeste au travers de deux affaires emblématiques : Cœur Défense et Sodimédical. Dès lors, l’instrumentalisation semble recouvrir les situations dans lesquelles l’effort collectif mis en place au sein de la procédure pour traiter les difficultés du débiteur n’apparaît pas légitime. La question de savoir à quel titre ces situations sont perçues comme illégitimes conduit à reconstituer le système formé par le droit des entreprises en difficulté afin de déterminer ce qui fait sa légitimité. Sa cohérence, son ordre tiennent à sa finalité essentielle : le traitement d’une entreprise en difficulté. Or, les conditions d’ouverture de procédures collectives n’étant pas appréciées à l’aune de cette finalité, une procédure collective peut être ouverte à l'égard d'un débiteur qui n’est pas une entreprise. Dans ces circonstances, la légitimité de l’application du droit des entreprises en difficulté est mise en cause. Ce droit est instrumentalisé dès lors qu’il bénéficie à un débiteur qui n’est pas une entreprise, ce qui trouve à se réaliser particulièrement au sein des groupes de sociétés où le principe de l’autonomie de la personne morale ne permet pas de se saisir de l’entreprise. La problématique révélée par l’instrumentalisation des procédures collectives par les groupes de sociétés démontre une crise de légitimité de l’application du droit des entreprises en difficulté.

En droit positif français, il existe un nombre important de délais permettant aux entreprises individuelles ou en sociétés de différer l’exécution des obligations de paiement qu’elles ont à l’égard de leurs créanciers afin de les aider à remédier à une situation financière dégradée. Ces délais, il est possible de les qualifier de délais supplémentaires de paiement par opposition au délai initial de paiement. Ils sont depuis toujours, avec la remise de dette, un mécanisme de restructuration essentiel au service du sauvetage des entreprises en difficulté.On soulignera d’ailleurs, concernant cette utilité, que l’actualité, marquée par la crise sanitaire récente et la crise économique persistante, leur réserve encore malheureusement un très bel avenir. Lorsque l’on s’intéresse aux spécificités de ces délais, il est possible de constater en pratique que chaque catégorie de délai fait l’objet de critères d’octroi qui lui sont propres et génère des effets bien spécifiques qui ne transparaissent cependant pas toujours distinctement.Dans ce contexte, nous nous retrouvons donc en présence d’un droit indispensable, mais relativement éclaté. En effet, ce « droit des délais supplémentaires de paiement » n’est pas d’une approche évidente pour les entreprises et les praticiens qui ont souvent du mal à trouver rapidement des réponses à des questions en apparence relativement simples, à savoir,notamment : Quel est le type de délai le plus adapté à l’intensité de la difficulté financière rencontrée ? Le comportement des mandataires sociaux et plus particulièrement leur bonne ou mauvaise foi est-il pris en compte dans le processus d’octroi du délai ? Le délai choisi permettra-t-il de suspendre une procédure civile d’exécution ? Le laps de temps supplémentaire accordé à l’entreprise par le biais du délai, pour exécuter son obligation de paiement, générera-t-il des intérêts de retard ? Le dirigeant, garant de l’entreprise, pourra-t-il se prévaloir du délai accordé ou sera-t-il susceptible, à l’inverse, d’être actionné à titre de caution ? Partant de ce constat et de ces multiples interrogations pratiques, l’objectif assigné à travers les développements de cette thèse aura été, d’une part, de déterminer et d’éclaircir, de la façon la plus précise et exhaustive possible pour chaque grande famille de délais, leurs critères d’octroi, et d’autre part, de faire ressortir distinctement les effets de ces délais sur le schéma d’exécution de l’obligation de paiement, mais également plus concrètement, sur les parties et les tiers au rapport d’obligation.

This thesis evaluates the strengths and weaknesses of the legal framework on corporate rescue in South Africa and Uganda. Although corporate rescue was initially not one of the objectives of insolvency law, it has now become the focus of modern insolvency law. South Africa became the first country to recognise the need to create a legal framework for rehabilitating financially distressed companies when it incorporated judicial management in the Companies Act of 1926. Judicial management was, however, not successful as a corporate rescue procedure. The South African policy makers however continued to explore ways through which financially distressed but viable companies could be saved from collapsing. This culminated into the introduction of business rescue in Chapter 6 of the Companies Act 71 of 2008. The study presents a detailed analysis of the strengths and weaknesses of the South African business rescue framework. It posits that unlike the Ugandan system, the South Africa legal regime reflects the principles of a modern and effective corporate rescue system. Whereas the government of Uganda attempted to embrace corporate rescue through the introduction of administration in the Insolvency Act 2011, the law is devoid of the internationally recognised features of a modern and effective business rescue framework. Administration has remained a white elephant in Uganda’s insolvency system, with liquidation continuing to be the predominant procedure used by both creditors and financially distressed companies. It is recommended that Uganda’s policy makers should benchmark the South African system to reform Uganda’s corporate rescue framework. This thesis is based on the law as at 31st of May 2022, found in the sources available in South Africa and Uganda.

Esta tese analisa a consolidação processual e a consolidação substancial, de modo a viabilizar a recuperação judicial dos grupos de empresas segundo o sistema da Lei nº 11.101, de 9 de fevereiro de 2005, e respectivas alterações, notadamente aquela implementada pela Lei nº 14.112, de 24 de dezembro de 2020. A par de estabelecer os contornos desses dois institutos e as diferenças entre eles, a tese busca demonstrar que, respeitadas as regras de governança dos grupos, a consolidação processual permite soluções conjugadas entre os devedores, inclusive (mas não apenas) por meio de um plano único. Finalmente, a tese pretende determinar as causas, finalidades e os efeitos da consolidação substancial na recuperação judicial e na falência. This dissertation analyzes procedural consolidation and substantial consolidation, in order to make possible the judicial reorganization of groups of companies according to the system of Law nº 11.101, of February 9, 2005, and respective amendments, notably the one implemented by Law nº 14.112, of December 24, 2020. Besides establishing the outlines of these two institutes and the differences between them, the dissertation seeks to demonstrate that, respecting the corporate governance rules applicable to the groups, procedural consolidation allows combined solutions between debtors, including (but not only) through a joint plan. Finally, the dissertation intends to determine the causes, purposes and effects of substantial consolidation in judicial reorganization and bankruptcy.

A pesquisa tem por objetivo verificar se a positivação do princípio da preservação da empresa previsto na lei n.° 11.101/05 promove ou não a cooperação. As instituições desempenham relevante papel para a formação de um ambiente de cooperação e, consequentemente, para a promoção do desenvolvimento. O processo de evolução institucional é dinâmico e decorre principalmente da interrelação entre instituições e organizações. A formação e o sucesso das organizações dependem do ambiente institucional que, ao prover o necessário equilíbrio entre ordem e liberdade, oferece aos indivíduos e organizações os incentivos para a formação dos mais variados arranjos institucionais. O desenvolvimento econômico revela-se através da inovação decorrente do processo de destruição criadora que possibilita a conceituação do que se denominou autonomia privada criadora e que corresponde à engenhosidade dos homens de negócios que visualizam e empreendem as mais variadas estruturas de governança para produzir riquezas e ofertá-las em mercados. A alternância entre ciclos de inovação e de concorrência revelam a dinâmica do desenvolvimento econômico. Tratando especificamente da insolvência empresarial, buscando verificar o papel dos institutos falimentares na promoção ou não da cooperação, partiu-se da concepção do empresário como o típico devedor na economia que adquire poder de compra para financiar suas atividades. Tal financiamento se dá por meio de duas estruturas de governança distintas e que são utilizadas em simultaneamente pelo empresário, hierárquica (capital) e horizontal ou de mercado (dívida). A insolvência coloca-se como uma patologia manifestada na estrutura de governança horizontal e requer a aplicação de remédios jurídicos adequados para que a crise de um ente produtivo não se alastre para o mercado como um todo. Em um âmbito teórico os remédios são divididos entre a liquidação e a reorganização da empresa, procedimentos previstos em legislações falimentares e que visam a sanar a situação de crise econômico-financeira, enquanto o primeiro corresponde a solução liquidatório-solutória por meio de um processo de execução coletiva, o segundo corresponde a procedimento judicial que viabiliza um fórum para a renegociação coletiva de dívidas. Para a análise da dinâmica destes mecanismos é propostos um modelo de barganha de credores no qual estes são equiparados a co-proprietários do patrimônio do devedor. Em perspectiva macro verifica-se que credores costumam se alternar nas posições de credores garantidos e credores não garantidos em diferentes procedimentos falimentares e, por isso, é importante que na hipótese de falência as regras atribuam aos credores direitos mais próximos possíveis daquele atribuído fora da falência, provendo uma base mais segura para que se proceda negociações, especialmente em casos de reorganização. Partindo de uma perspectiva do mercado de crédito e não de um procedimento específico, cada decisão tomada por um agente em um procedimento específico serve de informação para os demais credores que, assim, podem optar por cooperar ou não cooperar e, com isso, ver emergir a cooperação com base na reciprocidade (tit for tat). Na análise do princípio da preservação da empresa são destacados os riscos de sua aplicação assistencialista, apontando-se os problemas que decorrem do fato de não ser o diploma falimentar a seara adequada para tratamento de questões relativas a políticas sociais de pleno emprego. Já a análise da existência de credores não sujeitos aos efeitos da recuperação judicial é vista à luz do dever de renegociação e de uma análise funcionalista das garantias fiduciárias.

Le traitement des associés d’une société en difficulté repose sur l’application cumulative du droit des sociétés et du droit des procédures collectives. Cette cohabitation, sans tentative de synchronisation, ne résiste pas au test de cohérence entre le droit des procédures collectives, qui aménage les droits patrimoniaux des associés, et le droit des sociétés, qui maintient par principe leurs droits extra-patrimoniaux. Cette situation conduit à conférer aux associés, pourtant titulaire d’une créance de dernier rang, un droit de blocage d’un plan de reprise interne alors que les créanciers sont tenus de consentir des sacrifices. La présente étude a pour objet de trouver une ligne de démarcation entre opposition légitime des associés pour préserver leurs droits et leur nécessaire éviction dans le cadre de l’adoption du plan de reprise interne. La clé de voûte de la réconciliation du droit des sociétés et du droit des procédures collectives, quant au sort des associés d’une société en difficulté, est leur engagement commun de contribuer aux pertes. Cette analyse renouvelée autour de la créance de dernier rang de l’associé implique que toutes les parties affectées, dont les associés, votent les mesures de reprise interne proposées, réunies au sein de classes partageant des caractéristiques homogènes. Ces nouveaux outils consacrés, selon une cohérence retrouvée, permettront de dynamiser les plans reposant sur la reprise interne de la société.

El negocio jurídico de factoring es una de las figuras contractuales que, como otras muchas, se corresponde con la última fase de un largo proceso de especialización de los contratos mercantiles y que no está regulada específicamente en nuestro Derecho positivo. Mediante este contrato el empresario transmite los créditos comerciales que ostenta frente a su clientela a otro empresario especializado, denominado sociedad de factoring o factor, que se compromete, a cambio de una remuneración, a prestar una serie de servicios respecto de los mismos. Los beneficios que genera el factoring para el empresario tiene como consecuencia que cada año se incremente el recurso a esta operación. El presente trabajo, tras introducir la figura del factoring y determinar la naturaleza jurídica de cada una de sus modalidades, tiene como objeto analizar el tratamiento concursal de dicho negocio jurídico, en sus aspectos más problemáticos: los efectos de la declaración del concurso sobre el contrato, el ejercicio de la rescisión concursal frente al mismo y la separación concursal de los créditos cedidos a la sociedad de factoring. Así, se intenta dar respuesta a estas cuestiones, consideradas como conflictivas por la más autorizada doctrina.

La thèse veut déterminer le périmètre de l'égalité pour comparer les législations OHADA et française. Le choix du créancier chirographaire comme modèle s'est imposé parce que le droit de gage général est sa seule garantie d'exécution des obligations monétaires du débiteur et le plus petit dénominateur commun entre tous les créanciers. Assis sur les biens du débiteur, il condamne à l'égalité du paiement en cas de concours entre créanciers chirographaires et la soumission à un principe d'égalité des créanciers chirographaires. Mais ce périmètre n'a pas pu être établi. Peu de créanciers sont « chirographaires » et peu de biens du débiteur sont soumis à la saisie d'où procède le concours duquel surgit l'égalité du paiement; même par application d'un principe d'égalité lequel oblige seulement créanciers et débiteur à mutualiser le risque de l'entreprise en observant un comportement loyal. Ainsi, contrairement au créancier chirographaire « modèle » ou « déloyal », le créancier chirographaire « stratège » peu prendre place à la procédure collective dans la catégorie assignée par contrat de sûreté loyal pour y subir l'égalité des chances. Autrement dit, la prolifération des sûretés conventionnelles apporte plus à l'égalité des créanciers que l'affectation du gage commun à leur satisfaction puisqu'en dehors des créanciers munis d'une sûreté inefficace, insuffisante ou inopposable, on peine à identifier un créancier chirographaire la procédure collective. Désormais, il faut élever le débat de l'égalité des créanciers au niveau de ceux échappant au lot commun. De ce point de vue la législation française par la variété des sûretés proposées protège plus que la législation OHADA.

The trend for multinational companies has been a preference to forum shop rather than to open insolvency proceedings in developing countries. The US and the UK are prime venues for such bankruptcy tourism enabled by long-arm jurisdiction through extraneous connection. At the same time, there has been a pattern in developing countries of insolvency law reforms which have been circumvented when multinational companies forum shop. Using doctrinal and comparative methodologies, this thesis examines how forum shopping and long-arm jurisdiction to the US and UK affect the efforts of developing countries to reform their insolvency laws and their possible effects on local stakeholders of multinational companies in developing countries. Additionally, the thesis proposes a longer-term strategy of dealing with forum shopping and long-arm jurisdiction by using the concept of centre of main interests ('COMI') as the basis for opening main insolvency proceedings. To ensure that the proposed insolvency procedural legal law is implemented uniformly, the thesis proposes the creation of a supranational court from which national courts, insolvency practitioners and multinational companies can request clarifications on the provisions of the proposed insolvency procedural legal framework. The thesis identified that developing countries require effective insolvency laws and institutions and highlighted key principles that should be included in the reforms. The hope is that developing countries can improve their insolvency laws and institutions to a global standard. Once the proposed insolvency procedural legal framework is implemented, multinational companies will be encouraged to utilise them once jurisdiction is identified through the COMI test rather than forum shopping.

The concept of “pre-insolvency situation” aggregates different legal norms that require harmonization in the context of a situation of business crisis, even if that situation might not still be one of the situations normatively recognised by legislation, as is the case, for example, in Portugal, of the “difficult economic situation” or the “situation of insolvency”. Simultaneously, within the existing legal framework, business continuity is generally seen as preferable to business destruction, since value (and the ability to generate it) goes beyond asset value, arising also from the specific organisation of resources (financial, human, know-how and others) contained in the business at that time. However, since recovery is not only linked to the evaluation of a business activity’s viability, but, also, to the individual interests of each creditor, the “pre-insolvency situation” prompts several challenges, subject to analysis in this study. Due to the preponderance of limited liability companies as the vehicle for business activity, the effect of the “pre-insolvency situation” in the fiduciary duties of directors of those companies is also studied. From the existing legal rules I identify an answer to the conflict of interests between corporate stakeholders specific to that situation, in order to propose a legal mechanism incident on management, who can act towards the resolution of possible incompatibilities in a manner that is timely in terms of promoting business continuity, in order to ensure the correction (or appropriateness) of the decision making process used in that situation, therefore preventing recalcitrant, opportunistic or abstentionist behaviours that have a negative impact in the company’s asset composition. The combined analysis of Corporate Insolvency Law – including the Directive (EU) 2019/1023, of 20 June 2019, on restructuring and insolvency - and Corporate Law, is supplemented by the consideration of the legal effects derived from this coexistence, namely in terms of creditor behaviour (aimed to defend their individual rights as a claimant) and the behaviour of shareholders and other intervening actors. It’s in this context that I claim that the contents of the fiduciary duties of directors know refractions that are exclusive to the “pre-insolvency situation”, a configuration of their duties directed at alleviating the effects of potential abuses that would be made possible if their function could be performed without any type of limitation and, also, at enhancing behaviours that promote business continuity or, at least, minimize the consequences of a possibly forthcoming “situation of insolvency”. To this extent, one of the prices of director’s discretion is monitoring business viability, structuring the company to identify the “pre-insolvency situation” and weigh the reaction to the challenges it places. O conceito jurídico de situação de pré-insolvência, construção de base doutrinária, congrega normas jurídicas dispersas que carecem de harmonização no contexto da verificação de uma situação de crise empresarial, mesmo que esta possa ainda não corresponder às situações tipificadas pela legislação, de que são exemplo, em Portugal, a situação económica difícil ou, até, a situação de insolvência. Simultaneamente, no quadro legal vigente, a continuidade da atividade empresarial afirma-se, em geral, preferível à sua destruição, já que o valor de uma empresa (e a capacidade de o gerar) vai além do seu valor patrimonial, decorrendo também da particular organização de recursos (financeiros, humanos, saber-fazer e outros) nela contidos naquele momento. No entanto, a recuperação da empresa não está apenas ligada à avaliação da viabilidade da sua atividade empresarial, mas, também, aos interesses individuais de cada credor, pelo que a situação de pré-insolvência suscita vários desafios, sujeitos a análise neste estudo. Reconhecendo a preponderância das sociedades comerciais de responsabilidade limitada na atividade empresarial, identifica-se, ainda, o efeito da verificação de uma situação de pré-insolvência nos deveres dos membros dos órgãos de administração dessas sociedades. Retiro do direito em vigor a resposta ao conflito de interesses entre intervenientes societários próprio dessa situação para propor um mecanismo jurídico incidente sobre a administração. Esta pode atuar no sentido da resolução de eventuais incompatibilidades em tempo útil à promoção da continuidade da atividade empresarial, por forma a assegurar a correção (ou adequação) do processo de formação de decisões empresariais utilizado nessa situação, assim impedindo condutas recalcitrantes, oportunistas ou abstencionistas que tenham relevo negativo na composição do património social. À análise conjugada das normas de Direito da Insolvência em contexto empresarial - onde se inclui a Diretiva (UE) 2019/1023, de 20 de junho de 2019, sobre reestruturação e insolvência – e de Direito das Sociedades Comerciais, acresce a consideração dos efeitos jurídicos desta convivência, em particular na conduta negocial dos credores (dirigida à defesa individual dos seus direitos de crédito) e na conduta dos titulares do capital social e outros intervenientes com relevância para a sociedade. É neste contexto que afirmo refrações no conteúdo dos deveres gerais dos administradores próprias da situação de pré-insolvência, uma configuração dos seus deveres dirigida a mitigar os efeitos de potenciais abusos que o exercício da sua função sem quaisquer limites no contexto de uma crise empresarial poderia gerar e, ainda, a potenciar condutas predispostas à continuidade da atividade empresarial ou, pelo menos, à minimização das consequências da eventual declaração da situação de insolvência. Nesta medida, entre os preços da discricionariedade dos administradores está o da vigilância da viabilidade da atividade empresarial, estruturando a sociedade para a identificação da situação de pré-insolvência e ponderando a reação aos desafios por esta colocados.

L’extension d’une procédure collective est une création jurisprudentielle consacrée par la loi de sauvegarde des entreprises du 26 juillet 2005. Elle a pour objectif de reconstituer artificiellement le patrimoine séparé du débiteur. Ainsi, elle va consister à étendre la procédure collective initiale à une ou plusieurs personnes physiques ou morales. L’extension de procédure collective revêt un avantage considérable pour le débiteur dans la mesure où elle va lui offrir plus de possibilités et de moyens lui permettant de résoudre au mieux ses difficultés. De même pour le créancier qui verra le patrimoine du débiteur réuni à celui d’une tierce personne. Son fondement juridique est l’article L. 621-2 du code de commerce. Il dispose que le tribunal doit caractériser l’existence d’une confusion de patrimoine ou la fictivité avant de prononcer un jugement d’extension de procédure collective. La jurisprudence contribue grandement à l’évolution législative de l’extension de procédure collective. En dépit de la codification de cette procédure, la jurisprudence y occupe une place omniprésente. Ce rôle s’explique par le fait que le législateur laisse au juge le pouvoir d’interpréter et d’apprécier l’extension de procédure collective, sur la base de ses deux causes qui sont respectivement la confusion de patrimoine et la fictivité. Quel est donc le pouvoir d’appréciation laissé au juge ? Il s’agit de l’interprétation dont dispose ce dernier concernant l’existence de la fictivité ou de la confusion de patrimoine. Ainsi donc, pour prononcer une extension de procédure collective sur la base de la confusion de patrimoine, le juge doit nécessairement caractériser l’existence de relations financières anormales ou l’imbrication inextricable des patrimoines, à savoir celui du débiteur principal et celui ou ceux des personnes à qui il voudrait étendre la procédure collective.L’appréciation du caractère fictif de la personne morale est le cas le moins fréquent mais reste le plus complexe à déterminer. Les juges ont la lourde responsabilité de déceler la fictivité d’une personne morale et se heurtent la plupart du temps aux divers montages financiers établis dans les groupes de sociétés.Le juge n’a pas à chercher si la confusion de patrimoine entre deux personnes physiques ou morales a causé un préjudice au débiteur principal pour étendre sa procédure collective. Cet encadrement législatif laisse apparaître que les juges sont libres de prononcer l’extension de procédure collective en prenant en compte le fait qu’un contrôle rigoureux de leur décision est réalisé par la Cour de cassation. En outre, au regard des intérêts divergents du débiteur et du créancier, mais aussi en raison de l’impact des décisions d’extension de procédure collective sur la vie économique de ces deux catégorie de personnes, les décisions prononçant l’extension de procédure collective font l’objet d’un contrôle rigoureux de la part de la Cour de Cassation.Toutefois si cette procédure recèle bien des avantages, il n’en demeure pas moins, qu’au regard de sa pratique, certaines réformes pourraient permettre de l’améliorer.

Le droit des entreprises en difficulté appréhende l’actif immatériel dans toutes ses dimensions, non seulement comptables, mais aussi et surtout extra-comptables. Faisant fi de la carence du bilan comptable, le droit des entreprises en difficulté identifie un actif immatériel au-delà d’un actif incorporel en révélant l’existence de nouvelles valeurs : les « potentialités » de l’entreprise en difficulté. Certaines existent déjà : les « potentialités de l’actif » et les « potentialités de passif », tandis que d’autres sont prévisibles, à venir : les « potentialités d’actif » et les « potentialités du passif ». Dans cette perspective, la présente étude consiste à apporter un éclairage sur l’essence et la consistance de l’actif immatériel sous-tendue par un aspect économique prégnant. D’une part, la valorisation de l’actif immatériel par le droit des entreprises en difficulté permet de révéler un actif immatériel inédit dans le bilan économique, social et environnemental (I). D’autre part, cet actif immatériel inédit reçoit une qualification civile en droit des entreprises en difficulté à partir des droits patrimoniaux (II). L’appréhension extra-comptable des « potentialités » en actifs immatériels par le droit des entreprises en difficulté est instrumentalisée au profit du redressement économique de l’entreprise.

A presente tese visa a analisar a recuperação judicial com a finalidade de apresentar contribuições para o estudo do papel de influência dos credores na recuperação judicial em decorrência do ambiente normativo estabelecido a partir da rede de direitos e deveres instituída na legislação em vigor no Brasil. Uma vez iniciada a recuperação judicial, diversas decisões dependerão da concordância da coletividade de credores, sendo a mais importante delas a aprovação do plano de recuperação, realidade que permite o surgimento de credores com grande poder na negociação do plano de recuperação com a devedora. Sem a pretensão de esgotar o assunto, o presente estudo tem quatro grandes núcleos. O primeiro deles é histórico e analisa tanto a evolução econômica do Brasil quanto as diversas legislações que já vigoraram no país em matéria de falência e recuperação judicial. O segundo núcleo analisa o próprio instituto da recuperação judicial atualmente em vigor, onde há o exame de suas regras, bem como o papel dos diversos agentes que atuam e contribuem para o procedimento recuperacional. Adiante, no terceiro núcleo, há a análise do paradigma do controle interno e do controle externo. Finalmente, o quarto e último núcleo tece as contribuições sobre o papel que alguns credores podem assumir em relação à empresa em recuperação judicial, desde que reunidas certas condições específicas. O estudo é motivado pela relevância que a recuperação judicial tem apresentado na realidade societária brasileira, bem como pela observação empírica de que determinados credores, ao negociarem o plano de recuperação com uma empresa em crise, possuem maior vantagem que outros credores, situação que merece ser delimitada e estudada, até para fins de atribuição de deveres e responsabilidades a tais credores.

The research aims to evaluate the adequacy of the insolvency system in Libya to support the national desires and objectives identified in the country to enhance the national economy and to maintain social stability. The thesis considers the need for reform in the current business insolvency and rescue framework taking into account the country’s domestic circumstances. To conduct this evaluation, the research reviews the Libyan insolvency law by examining the theoretical approaches to corporate insolvency laws in order to understand the role that should be played, or the goal that should be reached, by the insolvency law. This is important to identify whether the insolvency and rescue laws should be concerned only about maximising economic interests or should be concerned also about wider societal interests and objectives. The study also undertakes an in depth evaluation of the current business insolvency and rescue framework by using the international benchmarks with particular reference to the UNCITRAL Legislative Guide on Insolvency Law. The thesis establishes that the current insolvency law is insufficient to promote the economic and social goals of the country because of both the deficiency of the legislative framework and inefficient institutions. The investigation reveals also that an application of the social justice theory as traditionally perceived by the Civil Code 1953 (as manifested in property law and contract law) that is primarily designed to achieve social goals (for example, the priority given to the wide-ranging category of privileged creditors over secured creditors) prevents the insolvency law from achieving the sought-after objectives leaving much to be desired for a reform. The research builds on these foundations to identify challenges and impediments to the development of the insolvency and rescue regime of Libya.

Esta tese analisa os efeitos da falência sobre a arbitragem. A falência constitui um regime complexo, formado por regras materiais e processuais, criado para lidar com o problema da insolvência empresarial. Tem natureza de execução coletiva, reunindo todos os credores do falido e todos os seus bens, que devem ser liquidados a fim de pagar os credores. Para a consecução dos seus objetivos, a decretação da falência opera efeitos diretos sobre a pessoa do devedor, seus bens, seus contratos e seus processos. O processo falimentar realiza-se mediante procedimento administrado pelo Poder Judiciário, centralizado, público, com a finalidade de lidar com os diversos interesses envolvidos. Diversamente, a arbitragem é meio privado de solução de controvérsias pelo qual partes capazes elegem um terceiro, da sua confiança, para resolver litígio versando sobre direitos patrimoniais disponíveis. Tem natureza jurisdicional e caracteriza-se por constituir alternativa privada, rápida, flexível e especializada de dirimir demandas que admitem transação. Seu procedimento tem natureza de processo de conhecimento, terminando com a prolação de sentença, e constitui processo descentralizado, privado, usualmente sigiloso, no qual as partes têm ampla liberdade para definir as regras materiais e processuais aplicáveis. Enquanto a falência constitui sistema que visa lidar com interesses de ordem pública -- sendo, portanto, controlado pelo Estado, centralizado, público e coletivo --, a arbitragem pauta-se na autonomia da vontade, na descentralização do sistema de resolução de litígios, lida com interesses privados e é usualmente sigilosa. Considerando as relevantes diferenças entre os dois institutos, questiona-se em que condições a falência e a arbitragem podem coexistir. O que se propõe neste trabalho é, portanto, analisar quais são os efeitos que a falência opera sobre a arbitragem e como esses efeitos impactam na convivência entre os dois institutos. Para tanto, este estudo organiza-se em duas partes: parte I, na qual são apresentadas noções introdutórias da falência e da arbitragem, que servem para assentar as premissas utilizadas na análise; e parte II, na qual são analisados os efeitos propriamente ditos da falência sobre a arbitragem. A parte I está dividida em dois capítulos, nos quais se trata, sucessivamente, da falência e da arbitragem. Já a parte II está dividida em três capítulos, nos quais se trata, sucessivamente: (i) dos efeitos da falência sobre a convenção de arbitragem; (ii) dos efeitos da falência sobre o procedimento arbitral; e (iii) dos efeitos da falência sobre a sentença arbitral. Ao final, conclui-se que, apesar de a falência operar efeitos sobre alguns aspectos da arbitragem, impondo-lhe limites no contexto falimentar, isso não as torna incompatíveis. Aduz-se que a falência não invalida a convenção arbitral celebrada antes da falência, nem impede sua celebração pelo administrador, que, entretanto, depende de autorização judicial. Comprovase, também, que o advento da falência não atrai nem suspende os procedimentos arbitrais, mas impõe condições para que o processo possa se desenvolver. Por fim, evidencia-se que a sentença arbitral, uma vez proferida, deve ser submetida a verificação no processo falimentar.