L'octroi de garanties entre sociétés liées
Institution:
Paris 2Disciplines:
Directors:
Abstract EN:
WHEN JOINT COMPANIES GRANT SECURITIES TO EACH OTHERS, THIS CONCILIATES THE LEGAL PRINCIPLE OF PATRIMONIAL AUTONOMY OF LEGAL ENTITIES AS WELL AS THE NECESSITY OF AN ECONOMICAL "SOLIDARITY" AS USUALLY APPEARING BETWEEN SUCH JOINT COMPANIES. THIS EXPLAINS WHY THESE OPERATIONS OFTEN TAKE VARIOUS ASPECTS : THE GRANTING OF GUARANTEES, THE DRAWING OF COMFORT LETTERS. ONE COULD BELIEVE THAT THE REALIZATION OF SUCH OPERATIONS IS WELL CONTROLED. ON THE CONTRARY, SOME UNCERTAINTIES REMAIN WHICH UNDERMINE EVEN MORE THEIR LEGAL STABILITY. FIRST, IT IS DIFFICULT TO DETERMINE THE LEGAL FRAME within WHICH THE GRANTING OF SECURITIES BY JOINT COMPANIES TO EACH OTHERS CAN OCCUR. INDEED, FRENCH BANKING LAW, THE PRINCIPLE OF LEGAL SPECIALITY WHICH REGULATES FRENCH COMPANIES AND THEIR MEMORANDUM AND ARTICLES OF INCORPORATION GIVE LIMITS TO THE SCOPE OF THE GRANTING OF SECURITIES BY JOINT COMPANIES TO EACH OTHERS. SUCH LIMITS ARE NOT VERY WELL DETERMINED. IT IS ASLO DIFFICULT TO DETERMINE THEIR LEGAL STATUS. AS AN EXAMPLE, WE KNOW THAT A COMPANY CAN ONLY BE A GUARANTOR IF THIS IS FIRST APPROVED BY ITS BOARD OF DIRECTORS. HOWEVER, SUCH OPERATION CAN ALSO BE FORBIDDEN PURSUANT TO SECTION 217-9 OF LAW N0 66-537 OF 24TH JULY, 1966 OR SHALL BE DECLARED PURSUANT TO THE REGULATIONS RELATING TO THE CONTROL OF FOREIGN INVESTMENTS IN FRANCE. ALSO WHEN JOINT COMPANIES GRANT SECUTITIES TO EACH OTHERS, THIS CAN FALL UNDER THE RULES OF FRENCH COMPANY LAW ON CONFLICTS OF INTERESTS. THE SETTELMENT RELATING TO THE GRANTING OF SECURITIES BY JOINT COMPANIES TO EACH OTHERS WILL THEREFORE RESULT IN AN ALTERNATIVE OR CUMULATIVE ENFORCEMENT OF THESE VARIOUS PROCEDURES AND CAN ONLY BE DETERMINED ON A CASE BY CASE BASIS, WHICH RENDERS THE REALIZATION OF SUCH OPERATIONS PARTICULARLY HAZARDOUS.
Abstract FR:
L'octroi de garanties entre societes liees permet de concilier le principe juridique d'autonomie patrimoniale des personnes morales et la necessite de "solidarite" economique qui a vocation a s'instaurer entre societes liees. C'est pourquoi ces operations sont couramment pratiquees sous des formes tres diverses : octroi de cautionnements, de garanties autonomes, emission de lettres d'intention. On pourrait alors penser qu'il s'agit d'operations dont on maitrise la realisation. Au contraire, bien des incertitudes subsistent, qui sont autant d'atteintes portees a leur securite juridique. Il est tout d'abord difficile de determiner le cadre a l'interieur duquel l'octroi de garanties entre societes liees peut etre realise. En effet, la loi bancaire ainsi que la specialite legale et statutaire des societes tracent les limites du domaine de l'octroi de garanties entre societes liees, mais celles-ci sont imprecises. Il est egalement complexe de determiner leur regime juridique. On sait que l'engagement d'une societe en qualite de garantie est en principe soumis a autorisation de son conseil d'administration ou de son conseil de surveillance. Mais certaines de ces operations peuvent faire l'objet d'une interdiction en vertu des dispositions de l'article 217-9 de la loi du 24 juillet 1966, ou d'une obligation de declaration en vertu de la reglementation relative au controle des investissements etrangers en france. En outre, l'octroi de garanties entre societes liees peut etre regi par les dispositions de la loi sur les societes relatives au traitement des conflits d'interets. Le regime de l'octroi de garanties entre societes liees resulte donc de l'application tantot alternative tantot cumulative de ces differentes procedures et ne peut donc etre fixe qu'au cas par cas, ce qui rend la realisation de ces operations particulierement perilleuse.