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The Costly Road
The voluntary winding-up (liquidation volontaire) of a corporation is one of the many, though expensive, options available to shareholders wishing to withdraw from a corporation facing financial difficulties.
Other options include the sale of their stake or of the corporation itself, possibly following a restructuring. The corporation may be sold as a whole or, where these exist, through the divestment of one or more branches of activity. The transaction may then be effected through various share deals for the different subsidiaries, or through the sale of assets, subsequent to which the corporation will still have to be wound up. A lease of business (location g'rance) followed by the sale of the business may also be an option.
Where the corporation is experiencing financial difficulties, the management may try to negotiate payment deadlines with the creditors through a r'glement amiable procedure, ie, the French equivalent to a workout or a corporate voluntary arrangement. The shareholders may also decide to stop financing the corporation and let it go into bankruptcy (redressement or liquidation judiciaire), which is a risky step in terms of the image and reputation for the shareholders. It is even more so from the legal standpoint, as several very specific liabilities are imposed on the statutory and shadow management in case of bankruptcy procedures in France.
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