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At CE Interim, we guide clients through complex restructurings across Europe and the Middle East.

As a Valtus Alliance partner, we collaborate with leading restructuring experts worldwide – because every country’s legal framework, stakeholder ecosystem, and execution logic is different.

In this cross-border conversation, Thomas Tschol, Managing Partner at Management Factory, speaks with Christophe Mare, Partner at Valtus France, about the unique dynamics of restructuring & turnaround in France – from early intervention tools like mandat ad hoc to the role of private equity and court-appointed administrators.

Christophe, how would you describe the French restructuring landscape?

Christophe Mare:

France has built a very collaborative approach to turnaround. When a company enters financial distress, it’s not just left to one stakeholder group. We have a professional, multi-actor network that includes courts, public bodies, banks, advisors, and legal experts.

Their goal? Preserve companies, protect jobs, and stabilize economic value.

Who exactly is involved?

There are seven key stakeholder groups driving business recovery in France:

I. Commercial Courts (Tribunaux de commerce):

Restructure cases are heard here by specialist judges, balancing fairness and creditor protection.

II. Court-Appointed Administrators (Administrateurs judiciaires):

They guide or manage companies during safeguard and receivership proceedings.

III. Judicial Representatives (Mandataires judiciaires):

Their role is to represent creditors and oversee asset distribution during insolvency.

IV. Chartered Accountants & Auditors:

Often the first to detect distress, they help prepare recovery plans and financial diagnostics.

V. Lawyers:

Vital in advising on negotiations, stakeholder rights, and legal restructuring strategies.

VI. Banks & Financial Advisers:

They restructure liabilities, offer bridge finance, and often align with public partners.

VII. Public Bodies (CIRI, CODEFI, CCSF):

They support early intervention and help mediate debt or avoid court escalation where possible.

This mix of actors ensures that both legal and operational turnaround options are on the table.

How does this ecosystem actually work?

It runs on collaboration and trust. Most restructurings start with management, supported by their advisors. If the situation escalates, court proceedings bring in administrators and judicial experts. But throughout, the quality of communication between parties is key.

The French system works because of this coordinated effort – a mix of public mechanisms and private execution. That’s how we drive outcomes that preserve business continuity and avoid job losses.

Let’s talk about public support. How active is the French state in corporate restructuring?

Very active, especially through CIRI, a task force inside the Ministry for the Economy and Finance. Created in 1982, CIRI works behind the scenes with medium and large firms facing serious financial trouble.

CIRI’s job is to mediate between companies, creditors, and public stakeholders, offering discreet, coordinated support that often keeps businesses from entering formal insolvency. Its team is small but experienced, and its goal is clear – stabilize the company and design a credible, long-term turnaround plan.

What about smaller businesses?

For SMEs and very small companies, CCSF and CODEFI step in at the local level.

• CCSF helps coordinate public debt rescheduling with tax and social security bodies.

• CODEFI supports broader business challenges, especially operational or financing issues. It’s chaired by the local prefect and can escalate severe cases to national bodies like CIRI.

These two institutions are present in every département, giving the French model a unique mix of national strategy and local execution.

Can you walk us through the legal tools available?

France offers two categories: amicable procedures and collective proceedings.

1. Amicable Procedures – Preventing insolvency

These are confidential, court-supervised tools for companies that are not yet insolvent:

• Mandat ad hoc – A court-appointed mediator helps restructure debt with creditors through flexible, customized solutions.

• Conciliation – Designed for companies facing serious legal, financial, or economic stress. The court appoints a conciliator to broker out-of-court settlements with key creditors.

Both tools are voluntary, confidential, and highly effective if started early. But in France, many companies wait too long and miss this window.

2. Collective Proceedings – Formal insolvency response

These are public, court-led procedures for companies that can’t meet their liabilities:

• Safeguard (Sauvegarde) – For companies not yet insolvent but facing major risks. It freezes debt and contracts during restructuring.

• Receivership (Redressement judiciaire) – For companies that are insolvent but potentially viable. It allows operations to continue under court supervision.

• Liquidation (Liquidation judiciaire) – Used when recovery is no longer possible. The court winds down the business and sells assets.

This layered approach lets France handle everything from early-stage distress to full insolvency with legal structure and creditor oversight.

Christophe, what case shaped your restructuring perspective most?

I once led the turnaround of a €70 million media company with 700 employees, right through the COVID disruption. It involved HR restructuring, cost optimization, and a total digital transformation.

What worked?

• A long-term strategic vision
• Fast and aligned execution
• Transparent communication with staff and stakeholders
• Close cooperation with HR
• Constant focus on performance and people

We applied the same framework again in another media group soon after. It proved that structured, action-oriented leadership delivers lasting results.

How important is private equity in the French restructuring space?

It’s growing steadily. Over the last 10 years, around 20 to 30 specialist PE funds and family offices have made turnaround their core focus. These include:

• Perceva
• Hivest Capital
• Arcole Industries
• Alandia Industries
• Butler Industries
• Prudentia Capital

They typically step in during safeguard, receivership, or pre-pack sale processes. What sets them apart?

• They embrace complexity
• Move fast under pressure
• Actively engage in operations
• Often place interim leaders
• And importantly, they aim to save jobs and industries, not just deliver returns

In many cases, they’re the silent backbone of France’s recovery landscape.

✅ Next Step:

If you’re managing cross-border business in France or preparing for a turnaround with French operations — CE Interim can deploy restructuring experts, interim executives, and stakeholder negotiators with deep local experience.

👉 Explore our restructuring & executive search capabilities