The French company has officially been placed under Juducial Administration
Following the announcement of their planned split, a move that took DXO and turned them into DXO labs and DXO Mark, it has now been reported the company has gone into receivership. The move is being explained as a necessary piece of the process in French law to officially split the company, but at this point what it could mean exactly for the company is unclear.
For those of you wondering what the heck receivership is, let’s get that out of the way now. Receivership is a legal situation for companies placed into the responsibility of someone other than themselves. This is most common in cases where a company can not meet its financial obligations and when bankruptcy proceedings are underway. In this case, as far as we are aware, DXO Labs is not having trouble meeting its financial responsibilities, and at the time being it is not officially in bankruptcy.
According to a note first posted on Canon Rumors, which was sent to a customer of DxO Labs, the company says they can not comment on the situation, but that they have been placed under judicial administration recently as part of their reorganization. They assured the customer that the company is not in liquidation and that they are confident their current status should not affect customers at all. It is unclear what motive the company official would have to mislead the customer about this: if they were in bankruptcy or liquidation then the end is near and it wouldn’t matter much if people found out.
At any rate, my own interpretation is that under French law the company must be placed into the receivership of the judicial administrator in order to officially split the company and divide its assets. They will officially, and legally, hold onto the company’s assets and distribute them to the new company. I am no law expert, especially not in French law, however this seems like the most clear reason for this to me. So I would agree with the company rep: this is likely nothing at all for customers to worry about and it amounts to nothing more than the company having to jump through hoops in order split as planned.
At any rate, stay tuned and we will update you as the details surrounding this situation evolve.