La lettre de confort
Institution:
Paris 12Disciplines:
Directors:
Abstract EN:
An instrument primarily issued by parent companies for the benefit of their subsidiaries, the letter of confort is essentially a guaranty sui generis, which pay, however, take many froms. A true guranty be the management containing certain obligations sanctuioned as much by law as by a moral obligation in the name of good business, a simple gentleman 's agreement or legal contract the letter of confort requires or the analyst a two-fold process in construing the agreement and the qualifications on the various obligations undersigned by the issuer of the letter. Letters of confort, being issued in a universe of myriad regulations, only find a real purpose in tghe context of the specific measures taken for their implementation, these consisting of loans, advances and various intra-group regulations (e. G. Management fees, transfer pricing, etc. ) furthermore, the analysis of the letter of confort will bring us to envisaging the many hypothetical situations of liability on the part of the issuer as a consequence of the issuance and execution of this letter of confort.
Abstract FR:
Instrument essentiellement emis par les societes-meres au profil de leurs filiales, la lettre de confort constitue une garantie sui generis d'une part, et proteiforme d'autre part. Veritable garantie par la gestion contenant des obligations sanctionnees tantot par le droit, tantot au nom de la morale des affaires, simple engagement d'honneur ou convention juridique, la lettre de confort exoge de l'analyse qu'il se livre a une double demarche d'interpretation de l'engagement et de qualification des obligations souscrites par le confortant. Emises dans un univers reglemente, les lettres de confort n'ont de raison d'etre qu'au travers des mesures prises pour les mise en oeuvre, lesquelles consistuent essentiellement en des prets avances et flux intra-groupe. Aussi, l'analyse de la lettre de confort nous amenera-t-elle a envisager les hypotheses de responsabilite pesant sur le confortant a raison de l'emission et de l'execution de cette lettre de confort.