France is aiming to modify its existing insolvency law to grant secured creditors a stronger hand in distressed situations before the companies actually reach "formal" insolvency. If this is implemented, securitization activity in France could pick up.

The country joins several of it continental counterparts, including Spain and Italy, which are expected to implement final bankruptcy law modifications as early as the beginning of 2004. France is further off, however, as the country has only just initiated a proposed draft.

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