Silicon France goes titsup.fr
Cessation de paiement
Posted in Business, 5th August 2002 15:28 GMT
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Silicon Media Group announced Friday that it was selling its UK assets to CNET. We wondered what would happen to the IT news service's newer, smaller operations in France and Germany.
We now have the answer for France, courtesy of 01net.com. On 26 July, Silicon.fr went titsup.fr, or, in French parlance, filed for "cessation de paiement".
This is the legal term for insolvency in France, and is defined by French law as "a corporation is unable to meet its (currently) due debts with its (immediately) available assets", according to this handy primer.
The next course of action is either: "Redressement Judiciaire", designed like Chapter 11, or more modestly the UK's Creditors' Voluntary Agreement, to nurse the company back to solvency, or: "Liquidation Judiciaire", which sees the company wound up. ®
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