adjudicataire : highest bidder, Bridge / purchaser at auction, Navarre

nantisssement: pledge, mortgage; also a *charge or bill of sale*, Bridge

subject unclear: ... emporte également le cas échéant et en toute hypothèse, agrément de l'adjudicataire en cas de réalisation forcée du nantissement selon les dispositions de l'article 1867 du Code civil.
... does also - where appropriate and in any event - amount to approval of the allottee 'knocked down the shares' on enforcement of the charge, as provided by Article 1,867 of the French CC.

I think it means the taker of the collateralised company shares - knocked down to the 'highest bidder' on auction sale by order of the court or even the chargee - will be accepted by the company as the new shareholder. The company otherwise, by its 'Statutes' need not accept any new shareholder - see the first example sentence, but substitute one of it own members to buy out the shares.

Compris or pigé...

Compare a charging order of co. shares in ENG aad Irish law, for instance as a method of enforcement of a lien over shares: the *original* pledgee or the bill of sale chargee > chattel mortgage lender > becomes the judgment creditor going to court to sell the shares to an ultimate 'adjudicataire'.

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Note added at 10 ore (2021-05-14 09:01:09 GMT)
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unless it's too late: approval of the allottee > on foreclosure sale > usually of land in E+W and commoner or 'more common' in the USA for co. secs.

French term (edited): emporte agrément de l'adjudicataire

In French law, the company must approve the release of the shares in case of default. The bank must organize an auction (they call it a forced sale in case of default) to recoup the funds it lent to the company and the auction winner (highest bidder) is the 'adjudicataire.'

I say potential winner because he/she is unknown when the shareholders convene.


Agrément

Le mot est également utilisé en droit des sociétés pour désigner le fait que les statuts d'une société puissent subordonner à l'agrément des associés, le droit de céder à un tiers non associé les actions ou les parts que détient l'associé vendeur.

L' "adjudication" (en anglais "Auction") est une vente aux enchères publiques, dite aussi "vente forcée" qui a lieu, généralement après un jugement condamnant le débiteur au paiement d'une somme d'argent dont il est débiteur, ou n'a pas voulu s'acquitter volontairement malgré la décision intervenue. (Voir aussi le mot "Surenchère")

La décision qui constate quel est le dernier enchérisseur, lequel devient "l'adjudicataire", constitue un jugement. Sauf excès de pouvoir ou s'il ne statue sur aucun incident, le jugement d'adjudication n'est pas susceptible d'un pourvoi en cassation (2°Chambre civile deux arrêts du 19 novembre 2009, pourvoi n°08-20798 et 08-70024, Legifrance).

Source: Le Dictionnaire Juridique

The most common use of "adjudiciaire" is "successful bidder" in the context of a call for tenders.

But it also means "purchaser", which can also be expressed as "transferee" or "assignor"

https://www.wordreference.com/fren/adjudicataire

So, if there is no tender involved here, this is a tricky one.

Article 1867 in French:

"Tout associé peut obtenir des autres associés leur consentement à un projet de nantissement dans les mêmes conditions que leur agrément à une cession de parts.

Le consentement donné au projet de nantissement emporte ***agrément du cessionnaire*** en cas de réalisation forcée des parts sociales à la condition que cette réalisation soit notifiée un mois avant *la vente* aux associés et à la société.

Chaque associé peut se substituer à *l'acquéreur* dans un délai de cinq jours francs à compter de la vente. Si plusieurs associés exercent cette faculté, ils sont, sauf clause ou convention contraire, réputés acquéreurs à proportion du nombre de parts qu'ils détenaient antérieurement. Si aucun associé n'exerce cette faculté, la société peut racheter les parts elle-même, en vue de leur annulation."


The semi-official EN translation that used to appear on Legifrance.gouv.fr:

"Any partner may obtain from the other partners their approval on a plan of a pledge in the same conditions as their approval on a transfer of shares.

The consent given to a plan of a pledge carries with it the ***approval of the transferee*** in case of a compulsory sale of the shares of the partnership on the condition that notification of the sale be given to the partners and the partnership at least one month before the sale.

Each partner may substitute himself to the purchaser within a period of five clear days from the sale.

Should several partners exercise this right, they shall be, unless there is a clause or an agreement to the contrary, deemed acquirers in proportion to the number of shares which they held previously. If no partner exercises this right, the partnership itself may redeem the shares for the purpose of cancelling them."


Since we have a pretty much one-to-one match between the terms used in French, I would be fairly confident.

But a bit of caution advised, hence my "Medium" confidence level.

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Note added at 43 mins (2021-05-13 22:59:51 GMT)
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The key words are maybe "le cas échéant": if the company is unable to repay the loans, then the shareholders' shares are automatically transferred to the bank, "by operation of law" I think is the legalese.

That is probably the clearest was of putting it.

HTH.

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Note added at 44 mins (2021-05-13 23:01:12 GMT)
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Good luck with your deadline! Been there!

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Note added at 14 hrs (2021-05-14 13:08:43 GMT)
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1) At the end of the auction of an item in France the auctioneer says "Adjugé", when means "Sold" of course, and explains why "adjudicataire" also means "purchaser".

2) Some Shareholders' Agreements set out that new shareholders must be approved -- may or may not be relevant here.


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Note added at 18 hrs (2021-05-14 16:43:45 GMT)
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which means - correction