Practical guide

    How to submit a takeover bid at the court

    Complete 6-step guide to acquire a business in judicial liquidation before the commercial court. Deadlines, required documents and advice from specialized lawyers.

    Total duration: 2-3 months
    6 key steps
    Lawyer support recommended
    1

    Identify the opportunity

    1-2 weeks

    Spot businesses in judicial liquidation via BODACC, judicial administrator announcements or commercial court publications.

    Practical advice

    • •Monitor BODACC daily
    • •Contact judicial administrators in your region
    • •Subscribe to commercial court alerts
    2

    Analyze the file

    1-3 weeks

    Study the available documents: balance sheet, income statement, asset inventory, ongoing contracts, employee situation.

    Practical advice

    • •Request access to the administrator's data room
    • •Have the accounts audited by a chartered accountant
    • •Evaluate key client and supplier contracts
    3

    Prepare the takeover bid

    1-2 weeks

    Draft a formal offer including the proposed price, scope of acquisition, social commitments and your financing plan.

    Practical advice

    • •Clearly specify the assets acquired
    • •Detail the number of employees retained
    • •Attach proof of financial capacity
    4

    Submit the bid to the court

    D-Day

    Transmit your bid to the judicial administrator or directly to the commercial court registry before the deadline set by the judge.

    Practical advice

    • •Strictly respect the deadlines
    • •Send by registered mail with acknowledgment of receipt
    • •Keep a dated copy of all documents
    5

    Court hearing

    1-4 weeks after submission

    Present your bid before the commercial court. The judge examines the different bids and rules on the transfer.

    Practical advice

    • •Prepare a convincing oral presentation
    • •Be ready to answer the judge's questions
    • •Be accompanied by a specialized lawyer
    6

    Judgment and transfer

    Immediate to 1 month

    If your bid is accepted, the court renders a transfer judgment. You then have a deadline to finalize payment and take possession of the assets.

    Practical advice

    • •Prepare funds before the hearing
    • •Organize the operational transition
    • •Inform retained employees

    Required documents for the bid

    Prepare these documents before submitting your takeover bid

    Kbis extract less than 3 months old (if existing company)
    Articles of association of the acquiring company
    Balance sheet and income statement for the last 3 fiscal years
    Detailed financing plan
    Bank statement of financial capacity
    CV of the acquirer(s)
    3-year business plan
    List of employees you wish to retain
    Detail of tangible and intangible assets acquired

    Key points to watch

    • • Deadlines are strict: a late bid is inadmissible
    • • Check environmental and social liabilities not assumed
    • • Some contracts (lease, franchise) may be terminated by the administrator
    • • The transfer judgment is final: no retraction possible

    Legal questions about business acquisition

    Interactive tool

    Calculate your treasury needs

    Before submitting your bid, estimate the working capital requirement (WCR) needed to finance the operating cycle after the acquisition.

    • Anticipate post-acquisition treasury needs
    • Prepare your financing plan
    • Optimize client/supplier payment terms

    Calculateur BFR

    Besoin en Fonds de Roulement post-reprise

    Need support for your bid ?

    Our lawyers specialized in collective proceedings support you from opportunity identification to the transfer judgment.

    Contact a lawyerView opportunities