A disposal plan (plan de cession) is a formal restructuring measure in French insolvency proceedings (redressement judiciaire) under which the commercial court approves the sale of all or part of a company's business to one or more acquirers, when no continuation plan is viable. The plan is submitted by candidate buyers, assessed by the administrator and the court based on job preservation, creditor repayment and business viability, and approved by judicial order. In Distressed M&A, the disposal plan framework imposes unique constraints: the acquirer selects the assets and liabilities to repurchase, employees have priority information rights, and the timeline is court-controlled.

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Example: a French precision engineering company in judicial recovery receives two disposal plan offers. Hectelion's client, an industrial acquirer, submits an offer of CHF 3.8 million covering the workshop assets, client contracts and 95 of 140 employees — a more targeted offer than the competitor's CHF 3.2 million global bid. The court selects the higher-value, better-employment offer, and the disposal plan closes within 8 weeks of submission.

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Hectelion advises buyers in French Distressed M&A disposal plan processes, combining valuation analysis with rapid due diligence execution under judicial timeframes.