A Preventive Concordat is a procedure for companies in difficulty, i.e. companies encountering distress resulting from whatever cause and giving rise to a real and serious threat to the company’s future ability to pay its debts as they become due, if appropriate measures are not taken.
The Concordat Procedure sets out the procedural framework allowing for a stay of the enforcements and restructuring the company in difficulty based on a restructuring plan voted for by the affected creditors and homologated (confirmed) by the syndic judge.
In this procedure KPMG can help by providing Concordat Administrator services, which include:
- issuing the report on the state of difficulty of the company;
- writing or assisting the company in writing the restructuring plan;
- communicating the restructuring plan to the affected creditors and the homologated restructuring plan to all creditors;
- approving the interim financing arrangements, contracted by the debtor prior to homologation;
- organizing one or several negotiation sessions (individual or collective) with the creditors;
- issuing the quarterly supervisory reports based on the information made available by the company;
- assisting the company in implementing the restructuring plan, if needed.
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