Analysis of Cessation of Payment in Morocco: A Comprehensive Study
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Cessation of payment, Morocco, legal definition, judicial reorganization, judicial liquidation, commercial code, creditors, company leaders
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Abstract
This research project aims to provide a comprehensive study of cessation of payment in Morocco, based on applicable legal texts, case law, and doctrinal analysis. The study will clarify the legal definition of cessation of payment and examine the main legal implications for the company, its leaders, and its creditors.
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[...] Therefore, this clarification on the definition of cessation of payment inevitably leads us to confuse cessation of payment and insolvency. Thus, it appears that Moroccan law is much more flexible and less severe compared to French law regarding cessation of payment, inasmuch as it is observed, by the conscious or unconscious will of the legislator, to spare the interests of Moroccan companies; Otherwise, it could have been inspired by the French Court of Cassation.6 who had chosen to retain a financial definition of cessation of payment even before the entry into force of the French law of 1985 by clarifying two elements: the payable debt and the available asset in the sense of realizable asset or at very short term. [...]
[...] Thus, the study of these implications will be done through two chapters: on the one hand, the triggering of the procedure for treating the company's difficulties (Chapter and on the other hand, the consequences for the debtor and the creditors (Chapter II). CHAPTER TRIGGERING OF THE PROCEDURE FOR TREATING THE COMPANY'S DIFFICULTIES Implementation of a collective procedure does not automatically intervene as soon as the company encounters difficulties. It first requires declaration of a state of cessation of payments, then the realization of certain formalities before the commercial court. [...]
[...] : Opere citato (work already cited) - ibid. : Ibidem (same source, same page)" - v. : See - cf. : Confer (to compare with) Title Legal Definitions of Insolvency . Chapter The Legal Framework in Morocco . Chapter II: Characteristics of Insolvency . Title II: Legal Implications of Insolvency . [...]
[...] His main missions are to to realize the assets (sale of assets), to settle the liabilities (payment to creditors), and establish the liquidation accounts, in view of the definitive closure. The appointment of the liquidator depends on the type of liquidation : - TRANSLATED_TEXT amicable liquidation, it is designated by the general meeting of shareholders (or by the president of the court in case of disagreement). - En judicial liquidation, it is tribunal who names it, giving it the status of judicial officer. [...]
