Le sort des suretes dans les procedures collectives apres la reforme du 25 janvier 1985
Institution:
Paris 12Disciplines:
Directors:
Abstract EN:
In these times of economic turbulence, there are few firms that can self-finance their investment programmes. Hence in most cases, they have to turn to barrowing. But in general, credit establishments would get involved only when the guarantee is good. A good security system aims at keeping the minds of lenders at peace; moreover, security and loans are tied together and the reality has always been : "no collateral, no loan". But today, things are quite differents; as a matter fact, the new regulation on bankruptcy has reduced the efficiency of real security to such a point where credit stands threatened. The role of credit in the economy needs no further demonstration. The objective of the january 25 th 1985 reform is henceforth the protection of the firm and of jobs at all cost and has as a regrettable consequence the sacrificing of creditors. The latters are prohibited form creating any impediments to the rehabilitation of entreprises. Hence creditors holding collateral see themselves brought to the same level with those having simple contracts. The only ones who escape from this harsh system are wage-earners whose interests are highly protected, and those creditors who come after bankruptcy has been declared and whose credit is necessary for the pursance of the enterprise. Confronted with this situation, suppliers and money-lenders strive to avoid the inefficiency of collateral securities. They now turn to use property as collateral because this is more reliable.
Abstract FR:
En cette periode de turbulences economiques, rares sont les entreprises qui peuvent financer leurs programmes d'investissement par leurs "seuls" fonds propres. Aussi sont-elles quasiment toujours appelees a recourir a l'emprunt. Mais un etablissement de credit ne s'engagera en genral qu'en contrepartie d'une bonne surete. Un bon systeme de surete vise a apporter la quietude aux preteurs; de plus, suretes et credit sont lies et la realite est depuis toujours, "pas de suretes, pas de credit". Or aujourd'hui, les choses sont toutes differentes; en effet la nouvelle reglemen tation des faillites amenuise a un tel point l'efficacite des suretes reelles, que le credit est menace. Or l'importance du credit dans la vie economique n'est plus a demontrer. L'objectif de la reforme du 25 janvier 1985, est desormais la sauvegarde de l'entreprise et des emplois a tout prix et a pour corollaire malheureux, le sacrifice des creanciers. Ceux-ci ne doivent en aucun cas mettre un obstacle a l'assainisement de l'entreprise. Ainsi, les creanciers titulaires de suretes se voient-ils pratiquement ramenes au meme rang que les chirographaires. Seuls echappent a ce regime draconien les salaries dont les interets sont hautement proteges, et les creanciers posterieurs au jugement d'ouverture de la procedure collective, dont le credit est necessaire a la continuation de l'entreprise. Face a cette situation, les fournisseurs et les bailleurs de fonds cherchent a echapper a l'inefficacite des suretes; en se retournant vers la propriete utilisee comme surete, cette derniere s'averant la plus sure.