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Summary of Bankruptcy Procedures for Companies in Moroccan Law
In Morocco, the bankruptcy procedures for commercial companies are governed by Law No. 15 - 95 on judicial reorganization and asset liquidation. Here is an overview of the main steps involved in the bankruptcy of a commercial company in Morocco:
1. Filing a petition for judicial reorganization: The bankruptcy process can be initiated by the debtor himself through a request for judicial reorganization filed with the competent court.
2. Opening of the procedure: Once the petition is filed, the court examines the financial situation of the company and decides to open the judicial reorganization procedure if the required conditions are met.
3. Appointment of a judicial administrator: The court appoints a judicial administrator responsible for managing the company’s affairs during the reorganization period.
4. Development of a reorganization plan: The judicial administrator prepares a reorganization plan that must be approved by the creditors and validated by the court. This plan aims to restructure the company’s debt and ensure its continued operation.
5. Observation period: During the observation period, the company is protected from its creditors and attempts to implement the reorganization plan.
6. Conversion to judicial liquidation: If reorganization is not possible, the court may decide to convert the procedure into judicial liquidation. A liquidator is then appointed to sell the company’s assets and repay the creditors.
7. Closure of the procedure: The procedure ends when the reorganization plan is executed or when the liquidation operations are completed.
It is important to note that the bankruptcy of a commercial company is a complex process and requires the intervention of legal experts specialized in corporate law and bankruptcy law.
Omar Touzani
Lawyer court
1. Filing a petition for judicial reorganization: The bankruptcy process can be initiated by the debtor himself through a request for judicial reorganization filed with the competent court.
2. Opening of the procedure: Once the petition is filed, the court examines the financial situation of the company and decides to open the judicial reorganization procedure if the required conditions are met.
3. Appointment of a judicial administrator: The court appoints a judicial administrator responsible for managing the company’s affairs during the reorganization period.
4. Development of a reorganization plan: The judicial administrator prepares a reorganization plan that must be approved by the creditors and validated by the court. This plan aims to restructure the company’s debt and ensure its continued operation.
5. Observation period: During the observation period, the company is protected from its creditors and attempts to implement the reorganization plan.
6. Conversion to judicial liquidation: If reorganization is not possible, the court may decide to convert the procedure into judicial liquidation. A liquidator is then appointed to sell the company’s assets and repay the creditors.
7. Closure of the procedure: The procedure ends when the reorganization plan is executed or when the liquidation operations are completed.
It is important to note that the bankruptcy of a commercial company is a complex process and requires the intervention of legal experts specialized in corporate law and bankruptcy law.
Omar Touzani
Lawyer court