Insolvency Law at Wallis and Futuna (France)
In Wallis and Futuna, an overseas territory of France, insolvency matters are governed by French national laws, with adaptations specific to the territory. The primary legal framework includes the French Commercial Code and the French Civil Code, as well as specific ordinances that extend and adapt French legislation to the unique context of Wallis and Futuna. (Oxford Constitutional Law: Law Conferring on the Islands of Wallis and Futuna the Status of Overseas Territory (Law No. 61)
Key Legal Frameworks
French Commercial Code: This code outlines the procedures for bankruptcy, liquidation, and debt restructuring applicable to businesses operating in France, including its overseas territories.
French Civil Code: While primarily dealing with civil matters, certain provisions may intersect with insolvency issues, particularly concerning contractual obligations and property rights.
Ordinance No. 2009-537 of May 14, 2009: This ordinance extends and adapts various legislative provisions to Mayotte, Wallis and Futuna, French Polynesia, the Southern and Antarctic Lands, and New Caledonia. It includes adaptations to the French Commercial Code and the French Civil Code to address the specific needs and circumstances of these territories. (Ordinance No. 2009-537 of May 14, 2009, on the Extension and Adaptation to Mayotte in the Wallis and Futuna Islands, French Polynesia, in the Southern and Antarctic Lands French and New Caledonia to Various Legislative Provisions, France, WIPO Lex)
Decree No. 2005-1756 of December 30, 2005: This decree lays down the list and jurisdiction of special courts in competition matters, industrial property, and insolvency. It designates the Tribunal de première instance de Mata-Utu as the competent court for insolvency matters in Wallis and Futuna. (Decree No. 2005-1756 of December 30, 2005, Laying down the List and the Jurisdiction of Special Courts in Competition matters, Industrial property and Insolvency, France, WIPO Lex)
Insolvency Procedures
Insolvency procedures in Wallis and Futuna generally follow those established under French law, which include:
Redressement judiciaire (Judicial Reorganization): Aimed at allowing a distressed company to continue its operations while restructuring its debts.
Liquidation judiciaire (Judicial Liquidation): Involves the sale of a company's assets to pay off creditors when the company is deemed unable to continue its operations.
Sauvegarde (Safeguard Procedure): A preventive measure for companies facing financial difficulties but not yet insolvent, allowing them to reorganize and avoid liquidation.
These procedures are overseen by the Tribunal de première instance de Mata-Utu, which has jurisdiction over insolvency cases in Wallis and Futuna. (Justice à Wallis-et-Futuna)
Customary Law Considerations
While French national laws apply to insolvency matters, Wallis and Futuna also recognizes customary law, particularly in areas such as land disputes and family matters. However, insolvency proceedings are generally governed by the French legal framework, and customary law does not typically intersect with these procedures.
Conclusion
Insolvency law in Wallis and Futuna is primarily based on French national legislation, with specific adaptations to account for the territory's unique context. The Tribunal de première instance de Mata-Utu serves as the competent court for insolvency matters, ensuring that procedures align with those in mainland France while considering local circumstances.
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