Article 588 — Objective of the Proceedings

1/ The objective of preventive restructuring proceedings, reorganization proceedings and bankruptcy proceedings is to promote economic stability, maximize the value of the estate and ensure legal certainty and transparency through efficient, effective and timely procedures. 2/ The objective of preventive restructuring proceedings is to ensure that, with the unanimous consent of affected creditors, viable debtors in financial difficulties are able to contractually, at early stage, efficiently and effectively restructure their debts and continue operating, or to prepare for the sale of the business as a going-concern. 3/ The objective of reorganization proceedings is, with the consent of a qualified majority of affected creditors, to timely, efficiently and effectively restructure the debts as well as operations of the debtor in a reorganization plan or realize the sale of its business as a going-concern to the benefit of its creditors. 4/ The objective of bankruptcy proceedings is to timely, efficiently and effectively organize the liquidation of the debtor’s business, whether by piecemeal liquidation or by a sale of business as a going-concern, in order to maximize the value of the assets available for recovery by creditors, to ensure for honest debtors a fresh start after a full discharge of their debts and to provide for sanctions against debtors and their management as well as creditors that are responsible for its bankruptcy.