France Restructuring Review 2018

by White & Case LLP
Contact

White & Case LLP

An extract from GRR The European, Middle Eastern and African Restructuring Review 2018

Brief overview of insolvency proceedings

Enhanced by no less than five reforms over the past 10 years, French insolvency law now provides a comprehensive set of tools designed to efficiently handle the legal, economic and financial difficulties that companies are facing. The whole insolvency architecture hinges on the key concept of cessation of payments (ie, inability of the debtor to pay its debts as they fall due with its available assets).

Court-assisted restructuring proceedings

Common features

Mandat ad hoc and conciliation proceedings are often referred to as amicable proceedings since their purpose is to facilitate the negotiation of an agreement between the debtor and its creditors, which usually consists of basic measures such as rescheduling or reducing the debtor's indebtedness, but may also implement sophisticated schemes such as debt-for-equity swap.

Negotiations are undertaken by a court-appointed mediator usually proposed by the debtor within the list of judicial administrators. The attractiveness of amicable proceedings depends on:

  • discretion, since stakeholders are bound by a duty of confidentiality (even though the statutory auditor has to be notified of the commencement order);
  • consensus, as creditors cannot be coerced to accept any proposal and those not willing to take part cannot be bound by the agreement; and
  • voluntariness, insofar as only the debtor can request the appointment of a mediator who will not be able to interfere with its management.

Mandat ad hoc

Mandat ad hoc's effectiveness relies on flexibility. The President of the Court may appoint a mandataire ad hoc upon the request of a debtor that, though not insolvent, encounters difficulties. Both the mandataire ad hoc's mission and duration are freely determined by the President of the Court having regard to the debtor's application.

Conciliation proceedings

Conciliation proceedings are more closely regulated. Such proceedings apply to debtors that, though not insolvent for more than 45 days, are facing with actual or foreseeable legal, economic or financial difficulty. The conciliator is appointed for a period not exceeding four months, which can be extended by the President of the Court so the proceedings can last up to five months.

The agreement reached, which is intended to put an end to the difficulties faced by the business, may be either acknowledged and made enforceable by the President of the Court or approved by the Court. Only the judgment approving the agreement is public.

However, the agreement's approval enables: (i) to grant a legal privilege in case of subsequent insolvency proceedings to creditors that provided new money at the time of the conciliation proceedings (‘new money privilege'); and (ii) to prevent the clawback period from starting prior to this judgment.

Combination of amicable proceedings

Since mandat ad hoc is not subject to any time constraint, it is usually advisable to conduct negotiations within this framework. Then, when an agreement is about to be reached, the debtor shall request for the opening of conciliation proceedings in order for the arrangement to be either acknowledged or approved by the court.

Court-controlled rescue proceedings

French insolvency law offers a range of court-controlled proceedings, each of them being designed to handle a specific degree or nature of difficulty. The emergence of 'pre-pack' proceedings strengthens the whole legal arsenal, creating a bridge between court-assisted and court-controlled proceedings.

Safeguard proceedings

Safeguard proceedings are commenced at the request of a debtor that can prove that, although it is not insolvent, it has difficulties that it is unable to overcome on its own.

The debtor still runs the business (even though an administrator can be appointed to either supervise or assist the management), while preparing a safeguard plan to be negotiated with its creditors. The negotiations take place through two creditors’ committees, gathering, respectively: (i) all credit institutions and holders of bank debt, and (ii) main trade creditors.

The different bondholders are all gathered in a single general assembly. For the first time in June 2017, safeguard proceedings have been considered as a 'foreign main proceeding' under the US Bankruptcy Code, allowing a company to file for its recognition in the US under Chapter 15.

Accelerated safeguard and accelerated financial safeguard proceedings

Both proceedings are opened at the request of a debtor1 involved in ongoing conciliation proceedings justifying that the restructuring plan negotiated during conciliation proceedings is already supported by a sufficient majority of its creditors to ensure its adoption by the creditors' committees2 and the general assembly of bondholders, if any. The plan is then submitted to the court for its approval within a short time period (three months in accelerated safeguard and one month in accelerated financial safeguard).

Reorganisation proceedings

Reorganisation proceedings are commenced upon the request of a debtor that is insolvent, a creditor or the public prosecutor.

As in safeguard proceedings, the debtor generally stays in possession while preparing a reorganisation plan with its creditors. If it appears that a reorganisation plan is not possible, the court may decide to have the debtor’s business sold through an open bid process organised by the judicial administrator.

Reorganisation proceedings provide greater involvement of the judicial administrator, who can be appointed in rare cases to administer the company.

Judicial liquidation proceedings

Judicial liquidation proceedings apply to a debtor that is insolvent and whose restructuring is obviously impossible.

The debtor is no longer in possession, and the liquidator is therefore charged to sell the assets as a whole or piecemeal.

Combined use of court-assisted and court-controlled proceedings

The introduction of pre-pack proceedings to the legal arsenal came alongside the increasing use, during the financial crisis, of court-assisted proceedings by distressed companies, especially leveraged buyouts where a debtor could not obtain unanimous consent considering the multiplicity of its creditors (banks, collateralised loan obligations, hedge funds, alternative funds).

They consist of the combination of a negotiation phase in conciliation proceedings (which are confidential) and through the vote of the plan by the creditors’ committees and the general assembly of bondholders in safeguard proceedings to cram down dissenting minority creditors.

Procedural timelines are kept to a minimum to limit the negative impact on the business of the opening of court-controlled proceedings.

Accelerated financial safeguard is suited to restructure only financial debts without freezing the suppliers' debts.

Shaped by the insolvency practitioners, pre-pack proceedings also include a pre-pack sale particularly suited when the debtor's indebtedness does not make a reorganisation plan possible. This specific type of pre-pack seeks potential purchasers under mandat ad hoc or conciliation proceedings, taking advantage of the confidentiality, and then, once a satisfying offer is made, in implementing the sale of the company's business within a few weeks in subsequent reorganisation or judicial liquidation proceedings.

Creditors within insolvency proceedings

Court-assisted restructuring proceedings

Given their specific nature, the opening of amicable proceedings does not trigger the same effects as the opening of safeguard or reorganisation proceedings: there is no automatic stay and no need for creditors to file a proof of claim.

However, even if the conciliator cannot coerce the creditors to negotiate, the court may grant the debtor a grace period for a maximum period of 24 months if a dissenting creditor takes legal action or sends a formal notice to pay.

Contractual provisions that would trigger detrimental consequences (such as acceleration clauses) for the debtor upon the sole opening of amicable proceedings are considered null and void.

Court-controlled rescue proceedings

Freezing of debts and claims

As of the opening of such proceedings, the debtor is prevented from making payments (and creditors from demanding payments) in respect of any debts incurred before the commencement of the insolvency proceedings, except in limited circumstances such as the set-off of closely related claims.

Meanwhile, all actions and proceedings against the debtor will be stayed insofar as they relate to the payment by the debtor of any debt incurred prior to the insolvency proceedings or the termination of a contract for default (as for amicable proceedings, events of default related to insolvency or similar events will be null and void). These prohibitions are subject to limited exceptions (see ‘Securities immune to insolvency proceedings', below).

Assessment of liabilities

Creditors are required to file their claims within two months (four months for creditors domiciled outside France) from the publication of the judgment opening the proceedings in the Bulletin Officiel des Annonces Civiles et Commerciales.

Failure to file the claim within this time limit results in the relevant creditors being barred from receiving distributions in the insolvency proceedings.

Specific provisions for special claims

Claims arising for the needs of the proceedings or the observation period, or as consideration for a service provided to the debtor during this period shall be paid as they fall due.

Claims benefiting from the new money privilege are highly ranked just after the employees’ super-priority claims and court fees incurred after the judgment commencing the insolvency proceedings, and they cannot be rescheduled or reduced by the reorganisation plan.

Participation of the creditors in the outcome of safeguard and reorganisation proceedings

The creditors’ committees and the general assembly of bondholders provide the discussion and negotiation interface between the debtor and its creditors.

The plan is approved when members of each committee voting in favour of the plan account for at least two-thirds of the outstanding claims of the creditors expressing a vote. Any member of one of the two creditors’ committees (the bondholders have not been granted such possibility), can propose an alternative safeguard or reorganisation plan to the debtor’s plan.

The plan must take into account subordination agreements entered into prior to the opening of the proceedings. Each creditor must inform the judicial administrator of the existence of any agreement that makes the exercise of its vote subject to any conditions, or whose purpose is the full or partial payment by a third party of its claim.

Debt-to-equity swap

If a change in the equity structure seems to be the sole solution to avoid cessation of business, an opposing shareholder may be diluted by a capital increase approved at a shareholder assembly convoked by a court-appointed trustee, who will exercise the voting rights of the opposing shareholder.

The court may also coerce such dissenting shareholder to sell its shares of the debtor to a new shareholder who commits to comply with the restructuring plan. An expert will be designated by the court to estimate the value of the shares.

The dilution or sale process applies in cases where: the debtor and the companies it controls have more than 150 employees; liquidation would cause serious disruption to national or regional economy and to regional employment; and a dilution or sale process is the only solution to avoid cessation of business. These conditions may seem restrictive, but were necessary in order to abide by the French Constitution, which protects, among other fundamental rights, the right of ownership.

Ranking of creditors in judicial liquidation proceedings

The proceeds of the realisation of the assets are distributed among creditors in accordance with the statutory order of priority:

  • employees' super-priority claims, being wages (including certain allowances and holiday pay) for the 60 days prior to the judgment commencing insolvency proceedings;
  • court fees incurred after the judgment commencing the insolvency proceedings;
  • claims of creditors benefiting from new money privilege;
  • claims of secured creditors with the benefit of mortgages and pledges that give a right of retention over the charged assets limited to the proceeds of the realisation of the charged assets;
  • certain debts incurred by the debtor after the opening of the insolvency proceedings that meet the criteria provided for by law, including the expenses of the insolvency proceedings; and
  • other claims.3

Where assets are sold piecemeal, several separate rankings shall apply depending on the nature of the asset.

Creditors secured by pledges may escape from the ranking of creditors by requesting the court the assignment of the encumbered asset prior to the authorisation to sell this asset granted by the supervising judge.

Securities immune to insolvency proceedings

Despite the insolvency proceedings, some securities remain particularly effective.

First, the encumbered assets were, prior to the opening of insolvency proceedings, transferred as guarantee outside of the debtor’s estate. These assets are therefore outside the scope of insolvency proceedings allowing the creditor to freely enforce its security. This is the case with fiducie, Dailly assignment of receivables and leasing.4

Secondly, the encumbered assets appear necessary for the purpose of the efficient conduct of the proceedings or the pursuit of the debtor’s business activity. During safeguard and reorganisation proceedings, the supervising judge may therefore authorise the payment of debts incurred prior to the proceedings to obtain the return of such assets. This is the case of fiducie, retention right and leasing.5

Thirdly, in case of sale of the business as a whole in reorganisation or liquidation proceedings, liability for special securities over immovable and movable assets guaranteeing the repayment of a loan granted to the business for the financing of the encumbered asset shall be conveyed to the new purchaser of the business.

Corporate groups within insolvency proceedings

Internal aspects

Major enhancements to handle corporate groups in insolvency have been introduced by the Macron Law.6

Specialised courts for insolvency proceedings7 have been created for:

  • debtors (directly or the companies under its control) that exceed one of these two thresholds:
    • €20 million turnover and 250 employees; or
    • €40 million turnover; and
  • for the opening of proceedings pursuant to European regulation on insolvency proceedings.

A debtor can request the transfer to another court and, in particular, to a specialised court.

The court that opened insolvency proceedings for a member of a corporate group has jurisdiction over all the other members of this group. Consequently, a court can supervise the insolvency proceedings of the whole group and may, for this purpose, appoint a single judicial administrator for all proceedings.8

Cross-border aspects

The new Regulation (EC) No. 2015/848 of 20 May 2015 on insolvency proceedings became effective (most of its provisions) on 26 June 2017. It applies in all member states (except Denmark) and establishes the principle that main insolvency proceedings may be opened in the member state where the debtor has its centre of main interests (COMI).

This regulation allows insolvency procedures opened in any EU member state to be automatically recognised in the other EU member states and secondary proceedings in another EU member state are no longer limited to winding-up proceedings.

This regulation aims, among other things, to prevent fraudulent or abusive forum shopping and creates different mechanisms for cooperation (i) between jurisdictions, and (ii) between jurisdictions and insolvency practitioners.

This regulation also provides a legal framework on the cooperation and communication, and coordination of insolvency proceedings in order to facilitate the restructuring of group of companies.

A draft of a new EU Directive regarding business insolvency in Europe issued on 22 November 2016 in order to establish common principles on the use of early restructuring frameworks is under discussion. A new reform of French insolvency law partially inspired by the draft of this Directive should be implemented in 2018.

Restructuring trends

The development of conciliation proceedings and prepack proceedings

Since the financial crisis in 2008, very few large restructurings have been implemented through defensive or hostile safeguard proceedings. Most of them have been negotiated through amicable proceedings, which have progressively become the customary frame for negotiations between companies, the lenders and their shareholders. The introduction of pre-packaged proceedings contributes to the development of these proceedings by strengthening their efficiency through a cramdown of dissenting minority creditors in accelerated (financial) safeguard.

The pre-pack sale, recently introduced, perfectly supplements the toolkit and improves largely the conditions of the sale of distressed businesses in terms of number of employees and proceeds obtained for the creditors.

In recent years, conciliation proceedings have also been used in order to face various new kinds of issues, such as complex sales of business, tax issues or plant closure. In using these proceedings, companies find an efficient tool to provide them with legal certainty. These developments definitely contribute to the global decrease in the number of reorganisation and liquidation proceedings.

Emergence of new players

Under the pressure of Basel III, banks logically reviewed their portfolio of debts. Alternative capital providers and hedge funds took this opportunity to buy distressed loans.

These new players being less reluctant to act as shareholders of distressed companies and their increasing presence around the table of negotiations in amicable proceedings has given rise to lender-led transactions since 2013. Their ability to provide new money to distressed companies enables them to play a significant role in major restructuring matters.

The repeated reforms of these previous years have greatly modernised French insolvency law, improving creditors’ rights and the flexibility of amicable and insolvency proceedings in France. Nevertheless, the recent reforms have granted the creditors with substantial new rights, which must be welcomed. Creditors, and especially alternative capital providers, are able to play a greater role in French insolvency proceedings and, more generally, in French restructurings.

Click here to download PDF.

See also: France Restructuring Review 2017

1 More precisely, AS and AFS apply to large companies that (i) publish consolidated accounts or (ii) publish accounts certified by a statutory auditor or drawn up by a certified public accountant and exceed at least one of these three thresholds: (a) 20 employees, (b) €3 million of turnover (VAT excluded) or (c) balance sheet total amounting to €1.5 million.
2 Only the credit institutions committee regarding accelerated financial safeguard proceedings.
3 The order of priority may differ depending on whether the business or the assets were sold under reorganisation proceedings or judicial liquidation. This is a complex area of law, and this list is only a broad outline of order of priority of payment.
4 In this case, the asset has never been part of the debtor’s estate. The creditor is then entitled to demand restitution of the leased properties as long as the contract was duly published.
5 In this case, the payment aims to exercise the purchase option. Besides, in the event of plan of sale, the purchaser may exercise the option to purchase only after payment of the sums remaining due by the debtor to the lessor.
6 Law No. 2015-990 dated 6 August 2015, effective 1 March 2016.
7 Mandat ad hoc is excluded.
8 'Loi Macron: l’introduction du forum shopping à la française’, Reinhard Dammann et Marika Pigot, in Bulletin Joly Entreprises en difficulté.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© White & Case LLP | Attorney Advertising

Written by:

White & Case LLP
Contact
more
less

White & Case LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.