{"id":2161283,"date":"2026-11-01T23:11:41","date_gmt":"2026-11-01T22:11:41","guid":{"rendered":"https:\/\/kohenavocats.fr\/?page_id=2161283"},"modified":"2026-11-04T19:42:38","modified_gmt":"2026-11-04T18:42:38","slug":"corporate-group-lawyer-paris","status":"publish","type":"page","link":"https:\/\/kohenavocats.fr\/en\/corporate-group-lawyer-paris\/","title":{"rendered":"Corporate group lawyer in Paris: intragroup flows, conflicts of interest and parent liability"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"2161283\" class=\"elementor elementor-2161283 elementor-2160691\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59a e-con-full e-ecs-flex e-flex e-con e-parent\" data-id=\"v5bd59a\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-v5bd59aw elementor-widget elementor-widget-html\" data-id=\"v5bd59aw\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<div class=\"kcv\" id=\"kci-root\" data-refresh-marker=\"expertise-fr-avocat-groupe-societes-paris-20261101\">\n<section class=\"kcv-hero\" aria-labelledby=\"kch-h1\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-head\">\n      <p class=\"kk\">Intragroup flows, conflicts of interest and parent company liability<\/p>\n      <h1 id=\"kch-h1\"><em>Corporate group lawyer<\/em> in Paris:<span class=\"kcv-tail\"> intragroup flows, conflicts of interest and parent liability.<\/span><\/h1>\n      <p class=\"kcv-sub\">Cash advances, cash pooling, management fees, re-invoicing and guarantees: each flow between the holding company and its subsidiaries involves two separate companies. As a corporate group lawyer in Paris, the firm checks the basis for each flow, how it was approved and the risks it creates for the parent.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n      <p class=\"kcv-urg\">A subsidiary in difficulty, a minority shareholder challenging management fees or a liquidator reviewing current accounts: gather the agreements, invoices and statements before waiving any claim or making any early repayment.<\/p>\n    <\/div>\n    <div class=\"kcv-stagewrap\"><div class=\"kcv-stageshadow\"><div class=\"kcv-stage\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp\" media=\"(min-width:761px)\" fetchpriority=\"high\">\n      <link rel=\"preload\" as=\"image\" href=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp\" media=\"(max-width:760px)\" fetchpriority=\"high\">\n      <div class=\"kcv-media\" aria-hidden=\"true\" style=\"--kcv-img:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-20261025.webp');--kcv-img-m:url('https:\/\/kohenavocats.fr\/wp-content\/uploads\/2026\/10\/kohen-v3-expertises\/kohen-fr-saisie-attribution-paysage-1080-20261025.webp')\"><\/div>\n      <div class=\"kcv-panel kcv-glass\" id=\"kch-form\">\n        <div class=\"kcv-panel-head\">\n          <div>\n            <p class=\"kcv-panel-k\">Corporate groups \u00b7 Paris<\/p>\n            <h2 class=\"kcv-panel-t\">Get a <em>first analysis<\/em><\/h2>\n            <p class=\"kcv-panel-l\">Send the group's organisation chart, the cash management and services agreements, the special reports and the current account statements: the firm reviews the regularity of the flows and the exposure of each company.<\/p>\n          <\/div>\n          <div class=\"kcv-chip kcv-glass\"><p class=\"kcv-chip-n\">24 \u00e0 48 h<\/p><p class=\"kcv-chip-x\">first legal<br>review<\/p><\/div>\n        <\/div>\n        <div class=\"kcf-wrap\">\n<form id=\"kcf-2form\" data-kcf data-api-url=\"https:\/\/kohenavocats.fr\/wp-json\/kohen-form\/v1\/submit\" data-vps-url=\"https:\/\/upload-fr.46-224-152-225.sslip.io\/submit\" data-max-size=\"1073741824\" data-max-files=\"500\" novalidate enctype=\"multipart\/form-data\">\n  <input type=\"hidden\" name=\"rendered_at\" value=\"1776847557\">\n  <div class=\"kcf-hp\" aria-hidden=\"true\"><label for=\"kcf-2website\">Do not fill in<\/label><input id=\"kcf-2website\" name=\"website\" type=\"text\" tabindex=\"-1\" autocomplete=\"off\"><\/div>\n  <div class=\"kcf-price\">\n    <span class=\"kcf-price-amount\">\u20ac80<small>incl. 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Payment is made online after this form is sent.<\/p>\n      <ul class=\"kcf-price-meta\">\n        <li>Up to 1 GB of documents, folders and subfolders accepted<\/li>\n        <li>Secure payment, no banking data stored<\/li>\n        <li><a href=\"\/conditions-etude-prealable\/\" target=\"_blank\" rel=\"noopener\">Terms and fee agreement<\/a><\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-row\">\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2name\">Full name<\/label>\n      <input class=\"kcf-input\" type=\"text\" id=\"kcf-2name\" name=\"name\" placeholder=\"Your name\" required autocomplete=\"name\" aria-describedby=\"kcf-2name-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2name-err\" role=\"alert\"><\/p>\n    <\/div>\n    <div class=\"kcf-group\">\n      <label class=\"kcf-label\" for=\"kcf-2phone\">Telephone <span class=\"kcf-optional\">(optional)<\/span><\/label>\n      <input class=\"kcf-input\" type=\"tel\" inputmode=\"tel\" id=\"kcf-2phone\" name=\"phone\" placeholder=\"06 00 00 00 00\" autocomplete=\"tel\" aria-describedby=\"kcf-2phone-err\">\n      <p class=\"kcf-field-error\" id=\"kcf-2phone-err\" role=\"alert\"><\/p>\n    <\/div>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2email\">Email address<\/label>\n    <input class=\"kcf-input\" type=\"email\" id=\"kcf-2email\" name=\"email\" placeholder=\"your@email.com\" required autocomplete=\"email\" spellcheck=\"false\" autocapitalize=\"off\" aria-describedby=\"kcf-2email-err\">\n    <p class=\"kcf-field-error\" id=\"kcf-2email-err\" role=\"alert\"><\/p>\n  <\/div>\n  \n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\" for=\"kcf-2message\">Message<\/label>\n    <textarea class=\"kcf-textarea\" id=\"kcf-2message\" name=\"message\" placeholder=\"Briefly describe your situation...\" required aria-describedby=\"kcf-2message-err\"><\/textarea>\n    <p class=\"kcf-field-error\" id=\"kcf-2message-err\" role=\"alert\"><\/p>\n  <\/div>\n  <div class=\"kcf-group\">\n    <label class=\"kcf-label\">Attachments <span class=\"kcf-optional\">(optional, 500 files max, 1 GB)<\/span><\/label>\n    <div class=\"kcf-dropzone\" id=\"kcf-2dropzone\">\n      <svg class=\"kcf-dropzone-icon\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M21 15v4a2 2 0 0 1-2 2H5a2 2 0 0 1-2-2v-4\"\/><polyline points=\"17 8 12 3 7 8\"\/><line x1=\"12\" y1=\"3\" x2=\"12\" y2=\"15\"\/><\/svg>\n      <p class=\"kcf-dropzone-text\"><strong>Click<\/strong> or drag your files here<br>All formats accepted (PDF, Word, images, etc.)<\/p>\n      <input type=\"file\" name=\"attachments\" id=\"kcf-2files\" multiple>\n    <\/div>\n    <div class=\"kcf-file-list\" id=\"kcf-2filelist\"><\/div>\n    <div class=\"kcf-progress\" id=\"kcf-2progress\">\n      <div class=\"kcf-progress-bar\"><div class=\"kcf-progress-fill\" id=\"kcf-2progressfill\"><\/div><\/div>\n      <p class=\"kcf-progress-text\" id=\"kcf-2progresstext\">Sending...<\/p>\n    <\/div>\n  <\/div>\n  <button type=\"submit\" class=\"kcf-btn\">\n    <span class=\"kcf-spinner\"><\/span>\n    <span class=\"kcf-btn-text\">Pay \u20ac80 and send my case<\/span>\n  <\/button>\n  <div class=\"kcf-msg\" role=\"status\" aria-live=\"polite\" aria-atomic=\"true\" tabindex=\"-1\"><\/div>\n  <p class=\"kcf-note\">Payment constitutes a request for immediate performance of your analysis. 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l'\u00c9tat.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur data.gouv.fr\"},{\"titre\":\"Commentaires des d\u00e9cisions de justice par l'IA g\u00e9n\u00e9rative\",\"url\":\"https:\/\/www.data.gouv.fr\/reuses\/commentaires-des-decisions-de-justice-par-lia-generative\",\"citation\":\"R\u00e9utilisation des donn\u00e9es publiques de justice publi\u00e9e par Kohen Avocats et r\u00e9f\u00e9renc\u00e9e sur data.gouv.fr.\",\"auteur\":\"data.gouv.fr\",\"paraphrase\":true,\"libelle\":\"Voir la r\u00e9utilisation sur data.gouv.fr\"}]},\"awwwards\":{\"nom\":\"Awwwards\",\"articles\":[{\"titre\":\"Kohen Avocats, site nomm\u00e9 aux Awwwards\",\"url\":\"https:\/\/www.awwwards.com\/sites\/kohen-avocats\",\"citation\":\"Le site du cabinet figure parmi les sites nomm\u00e9s (\u00ab Nominee \u00bb) par Awwwards, r\u00e9f\u00e9rence internationale du design web.\",\"auteur\":\"Awwwards\",\"paraphrase\":true,\"libelle\":\"Voir la fiche sur 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\u00e0 la location ?\",\"url\":\"https:\/\/www.leboncoin.fr\/guide\/immobilier\/bouilloires-thermiques-bientot-interdites-a-la-location-hfpj70o6.html\",\"citation\":\"Le guide immobilier cite une analyse de kohenavocats.fr parmi ses sources.\",\"auteur\":\"Leboncoin\",\"paraphrase\":true}]},\"femme-actuelle\":{\"nom\":\"Femme Actuelle\",\"articles\":[{\"titre\":\"S\u00e9paration ou divorce : quelle banque et quel cr\u00e9dit pour repartir sur de bonnes bases ?\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.femmeactuelle.fr\/vie-pratique\/news-vie-pratique\/separation-ou-divorce-quelle-banque-et-quel-credit-pour-repartir-sur-de-bonnes-bases-2211980\",\"citation\":\"L'article cite une analyse de kohenavocats.com parmi ses sources.\",\"auteur\":\"Femme Actuelle\",\"paraphrase\":true}]},\"economie-matin\":{\"nom\":\"\u00c9conomie Matin\",\"articles\":[{\"titre\":\"Nouveau bail 2026 : ce que les propri\u00e9taires doivent anticiper d\u00e8s maintenant\",\"date\":\"2026-09-10\",\"url\":\"https:\/\/www.economiematin.fr\/bail-nouveau-2026-proprietaires-anticiper\",\"citation\":\"Sur le d\u00e9cret n\u00b0 2026-596 du 7 juillet 2026, l'article renvoie \u00e0 l'analyse publi\u00e9e par le cabinet.\",\"auteur\":\"\u00c9conomie Matin\",\"paraphrase\":true}]},\"la-voix-du-nord\":{\"nom\":\"La Voix du Nord\",\"articles\":[{\"titre\":\"Que risquent les personnes qui ach\u00e8tent des objets vol\u00e9s le 17 octobre ?\",\"date\":\"2026-10-19\",\"url\":\"https:\/\/www.lavoixdunord.fr\/1747700\/article\/2026-10-19\/que-risquent-les-personnes-qui-achetent-des-objets-voles-le-17-octobre\",\"citation\":\"L\u2019infraction suppose la connaissance de l\u2019origine : savoir que l\u2019objet provient d\u2019un vol.\",\"auteur\":\"Me Hassan Kohen\"}]},\"sortir-a-paris\":{\"nom\":\"Sortir \u00e0 Paris\",\"articles\":[{\"titre\":\"Manifestation du 24 octobre \u00e0 Paris : parcours, nouvelles stations ferm\u00e9es, les 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l\u2019obligation de d\u00e9livrer un logement d\u00e9cent pendant toute la dur\u00e9e du bail et l\u2019ordonnance du tribunal judiciaire de B\u00e9ziers du 31 mars 2026 sur une climatisation install\u00e9e sans autorisation.\",\"auteur\":\"Science \\u0026 Vie\",\"paraphrase\":true}]},\"frandroid\":{\"nom\":\"Frandroid\",\"articles\":[{\"titre\":\"Fin de Rakuten France : comment r\u00e9cup\u00e9rer vos factures, vos garanties et vos points Club R\",\"date\":\"2026-09-30\",\"url\":\"https:\/\/www.frandroid.com\/culture-tech\/web\/3266559_fin-de-rakuten-france-comment-recuperer-vos-factures-vos-garanties-et-vos-points-club-r\",\"citation\":\"Le cabinet Kohen Avocats leur conseille de retirer cet argent et de t\u00e9l\u00e9charger tout leur historique avant le 10 novembre.\",\"auteur\":\"Frandroid\",\"paraphrase\":true},{\"titre\":\"Goutte-\u00e0-goutte et inondation : que faire quand la climatisation du voisin ruine votre terrasse 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if(e.key==='ArrowLeft'&&actuel>0){e.preventDefault();aller(actuel-1);}});\ns.querySelectorAll('button.knp__logo').forEach(function(b){b.addEventListener('click',function(e){ouvrir(b,e.detail===0&&b.tabIndex>=0);});});\n}\ndocument.querySelectorAll('.knp').forEach(lier);\n})();\n<\/script>\n<\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-tabs\" id=\"kcv-cabinet\" aria-label=\"Corporate group lawyer in Paris\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-tabs-head\">\n      <p class=\"kk\">Kohen Avocats, Paris 17<\/p>\n      <h2>Corporate groups: <em>flows, directors and the parent<\/em><\/h2>\n    <\/div>\n    <div class=\"kcv-bar\"><div class=\"kcv-chips\" role=\"tablist\" aria-label=\"Case sections\"><button class=\"kcv-chip-t on\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-avocat\" aria-controls=\"kcv-avocat\" aria-selected=\"true\" tabindex=\"0\">The lawyer<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p1\" aria-controls=\"kcv-p1\" aria-selected=\"false\" tabindex=\"-1\">The rules<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p2\" aria-controls=\"kcv-p2\" aria-selected=\"false\" tabindex=\"-1\">Your documents<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p3\" aria-controls=\"kcv-p3\" aria-selected=\"false\" tabindex=\"-1\">The method<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p4\" aria-controls=\"kcv-p4\" aria-selected=\"false\" tabindex=\"-1\">The timetable<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-p5\" aria-controls=\"kcv-p5\" aria-selected=\"false\" tabindex=\"-1\">The checks<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-synthese\" aria-controls=\"kcv-synthese\" aria-selected=\"false\" tabindex=\"-1\">Summary<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-faq\" aria-controls=\"kcv-faq\" aria-selected=\"false\" tabindex=\"-1\">Questions<\/button><button class=\"kcv-chip-t\" type=\"button\" role=\"tab\" id=\"kcv-t-kcv-textes\" aria-controls=\"kcv-textes\" aria-selected=\"false\" tabindex=\"-1\">Legal texts<\/button><\/div><\/div>\n    <div class=\"kcv-track\"><div class=\"kcv-slide kcv-on\" id=\"kcv-avocat\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-avocat\" tabindex=\"-1\">\n<div class=\"kcv-pro\">\n  <figure class=\"kcv-pro-photo\"><img fetchpriority=\"high\" src=\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/kohen-footer\/portrait-reda-20260920-lignes-orange.jpg\" alt=\"Reda Kohen, lawyer at the Paris Bar\" width=\"1122\" height=\"1402\" loading=\"eager\" decoding=\"async\">\n    <figcaption class=\"kcv-pro-cap kcv-glass\"><span class=\"kcv-pro-capn\">Reda Kohen<\/span><span class=\"kcv-pro-capr\">Lawyer at the Paris Bar<\/span><\/figcaption>\n  <\/figure>\n  <div class=\"kcv-pro-body\">\n    <p class=\"kk\">Company law \u00b7 Paris 17th<\/p>\n    <h2>What a <em>corporate group lawyer<\/em> in Paris does<\/h2>\n    <ul class=\"kcv-pro-tags\"><li>Paris Bar<\/li><li>Company law<\/li><li>Holding companies and subsidiaries<\/li><\/ul>\n    <p class=\"kcv-p\">Reda Kohen, lawyer (avocat) at the Paris Bar, advises on the legal organisation of corporate groups and on disputes arising from the flows between a parent company and its subsidiaries.<\/p>\n    <p class=\"kcv-p\">A group has no legal personality of its own. Each registered company is a separate legal entity within the meaning of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1842 of the French Civil Code (Code civil)<\/a>, even where the holding company controls it within the meaning of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 233-3 of the French Commercial Code (Code de commerce)<\/a>. The firm therefore examines each flow as a relationship between two separate sets of assets.<\/p>\n    <p class=\"kcv-p\">Three questions recur in group cases: the basis and the paper trail of cash flows and management fees, agreements entered into by a director who sits on both sides, and the parent's liability towards the subsidiary's creditors, liquidator or employees.<\/p>\n    <p class=\"kcv-p\">Send what you have, even if incomplete: the firm will prioritise and complete the file with you. In an emergency, call <a href=\"tel:+33646605822\">06 46 60 58 22<\/a>.<\/p>\n    <p class=\"kcv-pro-meta\"><a href=\"https:\/\/consultation.avocat.fr\/avocat-paris\/reda-kohen-54670.html\" target=\"_blank\" rel=\"noopener\">Official profile in the directory of French lawyers (CNB)<\/a><span>Firm at 11 rue Margueritte, 75017 Paris<\/span><\/p>\n  <\/div>\n<\/div>\n<div class=\"kcv-cards\">\n  <div class=\"kcv-card\"><h3>Justified flows<\/h3><p>Advance, upstreaming of cash, management fees or re-invoicing: each movement must have an identifiable basis and leave a trace in both companies, preferably through a written agreement setting out its terms.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Conflicts of interest under control<\/h3><p>Where a director is common to the parent and the subsidiary, it must be checked, in each company, whether the agreement requires prior authorisation, a report or approval by the shareholders, subject to the statutory exemptions.<\/p><\/div>\n  <div class=\"kcv-card\"><h3>Limited liability of the parent<\/h3><p>As a rule, the parent does not pay its subsidiary's debts. A misleading appearance, a commingling of assets or mismanagement may nonetheless reach it.<\/p><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p1\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p1\" tabindex=\"-1\">\n<p class=\"kk\">The rules<\/p>\n<h2>Cash, agreements, liability: <em>the rules of the group<\/em><\/h2>\n<p class=\"kcv-lead\">Four rules shape the analysis of the relationships between a parent company and its subsidiaries.<\/p>\n<ol class=\"kcv-conds\">\n  <li>A company may carry out cash management transactions with companies linked to it by actual control, by way of exception to the banking monopoly (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 511-7, I, 3\u00b0 of the French Monetary and Financial Code<\/a>). Such an agreement does not merge the debtors: the Court of Cassation upheld a court of appeal which, the agreement providing for the autonomy of the parties, had held that \u201cthe existence of such a cash management agreement cannot constitute the legal basis for the transfer of a payment obligation\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67d12fa9a74c455c1adcabb7\" target=\"_blank\" rel=\"noopener\">Cass. com., 12 March 2025, No. 23-23.961<\/a>).<\/li>\n  <li>An agreement entered into with a director, directly or through an intermediary, with a shareholder holding more than 10% of the voting rights or, in the SARL, with a member, follows the procedure of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-38<\/a> in the public limited company (soci\u00e9t\u00e9 anonyme), <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-10<\/a> in the SAS or <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-19 of the Commercial Code<\/a> in the SARL. The Court of Cassation holds that \u201cfailure to follow the procedure for related-party agreements constitutes, in itself, a breach of the statutory provisions applicable in this area and a fault within the meaning of Article L. 225-251\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68ca5a7a892376614a834575\" target=\"_blank\" rel=\"noopener\">Cass. com., 17 September 2025, No. 23-20.052<\/a>).<\/li>\n  <li>A director who, in bad faith, uses the company's assets contrary to its interest in order to favour another company in which they have an interest commits misuse of company assets (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312103\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312103\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 241-3<\/a> and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 242-6 of the Commercial Code<\/a>). The urgent applications judge in Strasbourg has stated that cash centralisation \u201cmust not result in creating an imbalance between the interests of the participating companies\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68bb56938c2c8561bd88a633\" target=\"_blank\" rel=\"noopener\">TJ Strasbourg, r\u00e9f. comm., 3 September 2025, No. 25\/00745<\/a>).<\/li>\n  <li>As a rule, the parent is not liable for its subsidiary's debts. The Court of Cassation states: \u201cIt follows from the combination of these provisions that a company is liable for a subsidiary's debt only if its interference in that subsidiary's contractual relations was such as to create, for the subsidiary's counterparty, a misleading appearance enabling it legitimately to believe that it was also the counterparty of the parent company\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aaa637ec27382d099c5d48f\" target=\"_blank\" rel=\"noopener\">Cass. com., 16 September 2026, No. 25-18.854<\/a>). The subsidiary's insolvency proceedings may also be extended where there is commingling of assets or sham (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 621-2 of the Commercial Code<\/a>).<\/li>\n<\/ol>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Belonging to a group does not merge the companies' assets: each flow must have an identifiable basis and leave a trace, in the paying company as in the receiving one.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p2\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p2\" tabindex=\"-1\">\n<p class=\"kk\">Your documents<\/p>\n<h2>What to provide depending on <em>your position in the group<\/em><\/h2>\n<p class=\"kcv-lead\">Agreements, corporate decisions and current account statements make it possible to reconstruct each flow and the procedure followed.<\/p>\n<div class=\"kcv-duel\">\n  <div class=\"kcv-opt kcv-opt-a\"><p class=\"kcv-opt-k\">Position A<\/p><p class=\"kcv-opt-t\">You manage the parent company or the holding company<\/p><ul><li>Up-to-date legal organisation chart, table of shareholdings and list of common directors<\/li><li>Cash management agreements, services agreements or management fee agreements, with their invoices<\/li><li>Minutes of authorisation or approval, special reports and the register of decisions<\/li><li>Current account statements and a schedule of advances, repayments and waivers for each subsidiary<\/li><\/ul><\/div>\n  <div class=\"kcv-or\" aria-hidden=\"true\">or<\/div>\n  <div class=\"kcv-opt kcv-opt-b\"><p class=\"kcv-opt-k\">Position B<\/p><p class=\"kcv-opt-t\">You are the subsidiary, a minority shareholder or a creditor<\/p><ul><li>The subsidiary's articles of association, annual accounts and management reports over several financial years<\/li><li>Invoices issued by the holding company and evidence that the invoiced services were actually provided<\/li><li>Emails, transfer orders or commitments by which the parent dealt with you<\/li><li>Judgment opening the proceedings, proof of claim and the statement of flows prepared by the insolvency practitioner<\/li><\/ul><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>Do not regularise an old agreement with a backdated document: approval or ratification follows the procedure specific to the company form, and voluntary performance of an agreement with knowledge of its defect amounts to confirmation under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041223\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041223\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1182 of the Civil Code<\/a>.<\/p><\/div>\n<p class=\"kcv-p\">The firm also handles:<\/p>\n<ul class=\"kcv-pro-tags\"><li>Related-party agreements<\/li><li>Insolvency proceedings<\/li><li>Directors' liability<\/li><li>Active holding company<\/li><\/ul><\/div><div class=\"kcv-slide\" id=\"kcv-p3\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p3\" tabindex=\"-1\">\n<p class=\"kk\">The method<\/p>\n<h2>How the firm <em>supports you<\/em><\/h2>\n<p class=\"kcv-lead\">Map the flows, characterise each agreement, then correct, challenge or defend.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 1<\/p><h3>Mapping the group and its flows<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">The firm reconstructs the control links, the common directors and each movement of funds between companies, with its date, amount and contractual basis.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 2<\/p><h3>Characterising each agreement<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Cash management, services, re-invoicing or guarantee: each agreement is matched to its approval procedure and tested against the interest of the company that bears it.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 3<\/p><h3>Correcting, approving or challenging<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Depending on the client's position, the firm prepares a written agreement, a special report, an approval decision or, on the contrary, a challenge based on the procedure.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Step 4<\/p><h3>Defending or taking legal action<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\">Faced with a liquidator, a creditor, a minority shareholder or an employee, the firm checks the exact conditions of each action and the documents available to respond to it.<\/p><\/div><\/div>\n<\/div>\n<div class=\"kcv-callout\"><span class=\"kcv-callout-i\"><svg viewBox=\"0 0 24 24\" width=\"22\" height=\"22\" fill=\"currentColor\" aria-hidden=\"true\"><path d=\"M9.6 6C6.5 7.4 4.5 10 4.5 13.4V18h6v-6H7.6c.2-1.9 1.4-3.4 3.2-4.3L9.6 6zm9 0c-3.1 1.4-5.1 4-5.1 7.4V18h6v-6h-2.9c.2-1.9 1.4-3.4 3.2-4.3L18.6 6z\"\/><\/svg><\/span><p>A properly drafted agreement is not enough: its performance, its invoices and its approval must remain consistent from one financial year to the next.<\/p><\/div><\/div><div class=\"kcv-slide\" id=\"kcv-p4\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p4\" tabindex=\"-1\">\n<p class=\"kk\">The timetable<\/p>\n<h2>How flows evolve <em>within a corporate group<\/em><\/h2>\n<p class=\"kcv-lead\">From the formation of the group to the possible insolvency proceedings of a subsidiary.<\/p>\n<ol class=\"kcv-hs\"><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Formation or acquisition<\/p><p><strong>Before the first flow.<\/strong> Settle the organisation chart, the directors of each company and the list of agreements envisaged between them.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Signing the agreements<\/p><p>Prepare the cash management agreement, the services agreements and the re-invoicing arrangements, obtain the required prior authorisations before they are concluded, then sign them and complete the reporting and approval formalities specific to each company form.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Year-end<\/p><p>The report on the agreements is presented to the shareholders, who vote on it; the current accounts must match in the books of both companies.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Cash-flow strain<\/p><p>Before providing support, waiving a claim or making a repayment, document the interest of each company and its capacity to bear the transaction.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Insolvency proceedings of a subsidiary<\/p><p>File the parent's claims and prepare for the review of the flows by the insolvency practitioner, who looks in particular for abnormal financial relations.<\/p><\/li><li><span class=\"kcv-hs-dot\" aria-hidden=\"true\"><\/span><p class=\"kcv-tl-t\">Litigation<\/p><p>Extension of proceedings, shortfall in assets, misleading appearance or joint employment: each action is subject to its own conditions, which must be checked separately.<\/p><\/li><\/ol><\/div><div class=\"kcv-slide\" id=\"kcv-p5\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-p5\" tabindex=\"-1\">\n<p class=\"kk\">The checks<\/p>\n<h2>What the firm checks <em>before acting<\/em><\/h2>\n<p class=\"kcv-lead\">No position should rest solely on the companies belonging to the same group.<\/p>\n<div class=\"kcv-split\">\n  <ul class=\"kcv-check\"><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Control link: shareholding, voting rights or power of appointment, assessed under Article L. 233-3 of the Commercial Code.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Basis of the flow: written agreement, invoice, current account entry or corporate decision corresponding to each movement of funds.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Procedure followed: prior authorisation, special report, shareholder approval or entry in the register, depending on the company form.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Consideration and capacity: the paying company's own interest, price of the services and absence of imbalance in light of its means.<\/span><\/li><li><svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"#E09019\" stroke-width=\"2.4\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><polyline points=\"20 6 9 17 4 12\"\/><\/svg><span>Conduct of the parent: dealings with creditors, de facto management or interference in the subsidiary's corporate management.<\/span><\/li><\/ul>\n  <aside class=\"kcv-act\">\n    <p class=\"kcv-act-k\">Case documents<\/p>\n    <p class=\"kcv-act-t\">Send what you have, even if incomplete<\/p>\n    <p class=\"kcv-act-p\">Submit your documents through the confidential form at the top of the page: the firm will prioritise and complete the file with you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><\/div>\n  <\/aside>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-synthese\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-synthese\" tabindex=\"-1\">\n<p class=\"kk\">Summary<\/p>\n<h2>Situation, evidence, <em>response<\/em><\/h2>\n<p class=\"kcv-lead\">The most frequent scenarios in a group help set the first priority.<\/p>\n<div class=\"kcv-rows\">\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Advances from the holding company to a subsidiary<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Cash management agreement, current account statements and matching entries in both companies.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The repayment terms must be set before any difficulty arises at the subsidiary.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Formalise the agreement, then file the claim if insolvency proceedings are opened.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Upstreaming of a subsidiary's cash<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Schedule of withdrawals, cash centralisation agreement and the subsidiary's financial position at each date.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> A persistent imbalance calls for a quick response from the directors or the minority shareholders.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Document the group interest or, conversely, seek an end to the withdrawals.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Disputed management fees<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Agreement, invoices, deliverables, time spent and comparison with the director's functions.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The financial years concerned and the approval decisions must be identified from the outset.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Justify the services actually provided or challenge a fee that duplicates the corporate office.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Agreement signed by a common director<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> List of the directors of both companies, minutes and special reports for the financial year.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> In the public limited company (soci\u00e9t\u00e9 anonyme), an action for nullity is subject to a three-year limitation period from the date of the agreement, unless it was concealed.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Have the agreement approved or ratified, or bring a claim against the interested director.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Creditor of the subsidiary targeting the parent<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Exchanges, commitments and payments by the parent addressed to the creditor during the contract.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The chronology of the parent's interventions is decisive from the first demand.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Establish or challenge the misleading appearance capable of suggesting that there are two counterparties.<\/p><\/div><\/div>\n<div class=\"kcv-row\"><div class=\"kcv-row-h\"><p class=\"kcv-row-k\">Situation<\/p><h3>Liquidation of the subsidiary and abnormal flows<\/h3><\/div><div class=\"kcv-row-b\"><p class=\"kcv-p\"><strong>Decisive evidence:<\/strong> Flows without a basis, transfers of assets or liabilities and absence of consideration over the period.<\/p><p class=\"kcv-p\"><strong>Timing:<\/strong> The financial relations are examined by the insolvency practitioner as soon as the proceedings are opened.<\/p><p class=\"kcv-p\"><strong>Useful action:<\/strong> Respond to the request for extension by distinguishing normal business dealings.<\/p><\/div><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-faq\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-faq\" tabindex=\"-1\">\n<p class=\"kk\">Frequently asked questions<\/p>\n<h2>Your questions: <em>corporate groups<\/em><\/h2>\n<div class=\"kcv-faqgrid\">\n  <aside class=\"kcv-act kcv-act-sticky\">\n    <p class=\"kcv-act-k\">12 questions<\/p>\n    <p class=\"kcv-act-t\">A situation not listed here?<\/p>\n    <p class=\"kcv-act-p\">Every case has its own features. The firm reads your documents before answering you.<\/p>\n    <div class=\"kcv-act-b\"><a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a><a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a><\/div>\n  <\/aside>\n  <div class=\"kcv-faq\"><details><summary>What is a corporate group under French law?<\/summary><div class=\"a\"><p>The Commercial Code does not give the group legal personality: it defines the control of one company by another. Under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 233-3 of the French Commercial Code<\/a>, one company controls another in particular where it holds the majority of the voting rights, where it determines in fact, through the voting rights it holds, the decisions of the general meetings, or where, as a shareholder or member, it can appoint or remove the majority of the members of the administrative, management or supervisory bodies. Each controlled company remains a separate legal entity from its registration, as provided by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1842 of the Civil Code<\/a>. It keeps its own assets, its own creditors, its own directors and its own corporate interest. This separation explains most of the practical difficulties. An advance granted by the holding company is a claim of the holding company, a service invoiced to the subsidiary must correspond to a real service, and a debt of the subsidiary does not automatically become the parent's. The firm therefore always begins by establishing the exact organisation chart, the control links and the list of common directors. This mapping then determines the procedures applicable to the agreements and the liability risks of each company.<\/p><\/div><\/details><details><summary>Is an intragroup cash management agreement necessary?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 511-7, I, 3\u00b0 of the French Monetary and Financial Code<\/a> disapplies the prohibitions of Article L. 511-5 of the same code so as to allow a company to carry out cash management transactions with companies that have capital ties with it giving one of them actual control over the others. This provision does not require a written agreement for each advance, but an agreement records what the parties actually intended: direction of the flows, remuneration, duration, repayment conditions and the fate of the sums if a company leaves the group. Its scope remains limited. The Court of Cassation upheld a court of appeal which had held that, the agreement providing for the independence of the parties, \u201cthe existence of such a cash management agreement cannot constitute the legal basis for the transfer of a payment obligation\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/67d12fa9a74c455c1adcabb7\" target=\"_blank\" rel=\"noopener\">Cass. com., 12 March 2025, No. 23-23.961<\/a>). A cash management agreement therefore organises flows; it does not transfer the debts of one group company to another. The firm also checks whether the agreement falls within the related-party agreements procedure in each of the signatory companies.<\/p><\/div><\/details><details><summary>What happens to cash pooling when a subsidiary is in insolvency proceedings?<\/summary><div class=\"a\"><p>Where a subsidiary is placed in judicial reorganisation or judicial liquidation, the parent company that centralised the cash must file its claims like any other creditor. The question is then the exact nature of the sums made available and when they fell due. In a case decided by the Versailles Court of Appeal, the cash pooling agreement provided only for transfers between the parent company and its subsidiaries, with no horizontal flow between subsidiaries. The court inferred that the funds made available to the subsidiary \u201cwere necessarily recorded in that company's accounts as a shareholder current account and must be regarded as claims of the parent company on that basis\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68242542f1cd048c6244613c\" target=\"_blank\" rel=\"noopener\">CA Versailles, ch. com. 3-2, 13 May 2025, No. 24\/06303<\/a>). As the later current account agreements provided for repayment in instalments over five years with interest, the court admitted the claims for interest accruing after the opening judgment that the supervising judge had rejected, applying the exception provided by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042779\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032042779\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 622-28 of the Commercial Code<\/a> for loans of at least one year. This outcome depends on how the agreement is drafted and on the accounting entries. The firm therefore compares the contract, the current account statements and any amendments before filing or disputing the claim. The insolvency practitioner may, for its part, examine whether certain flows reveal abnormal financial relations.<\/p><\/div><\/details><details><summary>Can the holding company draw on its subsidiary's cash?<\/summary><div class=\"a\"><p>Cash centralisation is lawful between companies linked by actual control, but it does not allow the holding company to drain its subsidiary. A director who uses the company's assets contrary to its interest in order to favour another company in which they have an interest is exposed to the offence of misuse of company assets provided by <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312103\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312103\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 241-3<\/a> for the SARL and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312097\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000028312097\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 242-6 of the Commercial Code<\/a> for the public limited company. The urgent applications judge in Strasbourg, seised by a minority shareholder of the subsidiary, noted that cash centralisation \u201cmust not result in creating an imbalance between the interests of the participating companies\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68bb56938c2c8561bd88a633\" target=\"_blank\" rel=\"noopener\">TJ Strasbourg, r\u00e9f. comm., 3 September 2025, No. 25\/00745<\/a>). The judge held that the abuse is established where no group interest can be shown, where the support has no consideration or where it exceeds the financial capacity of the company bearing it. The judge prohibited the holding company from drawing further advances, while declaring inadmissible the request for an expert assessment made in the same proceedings. Before each significant upstreaming, the firm therefore documents the common interest, the consideration and the subsidiary's cash position.<\/p><\/div><\/details><details><summary>How can management fees invoiced to a subsidiary be justified?<\/summary><div class=\"a\"><p>Management fees remunerate services provided by the holding company: finance, human resources, IT, legal or commercial support. The difficulty lies in the risk of duplication with the functions of the subsidiary's director, who is already remunerated for their office. The Paris Court of Appeal held that a services agreement entered into with an SAS by a company managed by its chairman fell within Article L. 227-10, and then found that it \u201ccovers management functions and therefore duplicates the functions of the company's corporate officer\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66a0990e2be3e083f4fad52c\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 23 July 2024, No. 22\/18075<\/a>). The fees paid were added back to the result used to set the price of a shareholder's shares, who obtained compensation for the undervaluation of that price. The same court points out that in a public limited company, such agreements are void where the services overlap with the director's functions, whereas they may be valid in an SAS under conditions, in particular if the articles of association allow a management function to be entrusted to the service provider; absent such a clause, the court held this combination of functions void. A sound justification therefore rests on dated deliverables, time spent, a method for calculating the price and a clear distinction between what the holding company does and what the subsidiary's chairman does.<\/p><\/div><\/details><details><summary>Can a subsidiary have a management fees agreement annulled?<\/summary><div class=\"a\"><p>A subsidiary may challenge a services agreement that gives it no real consideration. Ruling on a 2015 agreement under former Article 1131 of the Civil Code, the Paris Court of Appeal states that \u201can agreement between two companies whose purpose is to organise and remunerate the performance of corporate management functions is void, for want of cause, for lack of real consideration\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66ed1151696e0bc0290e033d\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 5, 19 September 2024, No. 21\/13667<\/a>). For a contract concluded since 1 October 2016, the basis is <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041120\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1169 of the Civil Code<\/a>, which annuls a contract for consideration where the consideration is illusory or derisory. The decision also shows the limit of the argument. In that case, the subsidiary had signed with its former parent company a repayment protocol acknowledging the debt arising from the fees, and had then paid part of it. Noting that the signatory of the protocol knew of the agreement and could assess its validity, the court inferred that the subsidiary had ratified the agreement and held that \u201cit is therefore not entitled to claim its nullity\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66ed1151696e0bc0290e033d\" target=\"_blank\" rel=\"noopener\">CA Paris, 19 September 2024, same judgment<\/a>), ordering it to pay the balance. A protocol, a payment schedule or an acknowledgment of debt signed after the event can therefore close the route to nullity. Before signing such a document, the subsidiary must check that the services were actually provided, that the agreement was approved and the exact scope of its commitment. Conversely, the holding company claiming payment must be able to establish the services rendered during each invoiced period.<\/p><\/div><\/details><details><summary>Which intragroup agreements are related-party agreements?<\/summary><div class=\"a\"><p>The answer depends on the form of each signatory company. In the public limited company (soci\u00e9t\u00e9 anonyme), <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-38 of the Commercial Code<\/a> subjects to the board's prior authorisation the agreements entered into with a director, a shareholder holding more than 10% of the voting rights, the company controlling that shareholder, or an undertaking one of whose directors is also a director of the company. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339575\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-39<\/a> disapplies this procedure for ordinary transactions entered into on normal terms and for agreements between a company and its wholly owned subsidiary. <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000024039876\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000024039876\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Articles L. 227-11<\/a> and <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223121\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223121\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">L. 223-20<\/a> likewise exclude ordinary transactions entered into on normal terms in the SAS and the SARL. In the SAS, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-10<\/a> provides for a report on which the shareholders vote, and a simple entry in the register where the company has a sole shareholder. In the SARL, <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 223-19<\/a> requires a report to the meeting and deprives the interested party of the right to vote on that decision. A cash management, services or guarantee agreement between two companies with the same chairman often falls within these provisions. The firm characterises each agreement in each of the companies concerned, because the same transaction may be unrestricted on one side and regulated on the other.<\/p><\/div><\/details><details><summary>What does a director risk by not having an intragroup agreement approved?<\/summary><div class=\"a\"><p>The sanction varies with the company form, but the interested director remains exposed. In the SAS, unapproved agreements take effect, but the interested party and, where applicable, the directors must bear the consequences that are harmful to the company (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 227-10 of the Commercial Code<\/a>). The Paris Court of Appeal thus ordered an interested company to bear the harmful consequences, for a shareholder, of an unapproved agreement (<a href=\"https:\/\/www.courdecassation.fr\/decision\/66a0990e2be3e083f4fad52c\" target=\"_blank\" rel=\"noopener\">CA Paris, p\u00f4le 5 ch. 9, 23 July 2024, No. 22\/18075<\/a>). In the public limited company, an agreement entered into without prior authorisation may be annulled if it had consequences harmful to the company; the action is subject to a three-year limitation period from the agreement, or from its disclosure if it was concealed (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038610414\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038610414\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 225-42<\/a>). The director's personal liability is also engaged more easily than one might think. The Court of Cassation holds that \u201cfailure to follow the procedure for related-party agreements constitutes, in itself, a breach of the statutory provisions applicable in this area and a fault within the meaning of Article L. 225-251\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/68ca5a7a892376614a834575\" target=\"_blank\" rel=\"noopener\">Cass. com., 17 September 2025, No. 23-20.052<\/a>). It quashed the judgment that required concealment in order to find this fault. In a group, regularising the procedure before any dispute remains the safest response.<\/p><\/div><\/details><details><summary>Must the parent company pay its subsidiary's debts?<\/summary><div class=\"a\"><p>As a rule, no. The subsidiary is a separate legal entity and a contract creates obligations only between the parties (<a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041378\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000032041378\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article 1199 of the Civil Code<\/a>). The parent may of course commit itself, through a surety, a guarantee or a letter of intent, whose terms must then be read. Absent any commitment, the Court of Cassation holds the parent liable only if its interference in the subsidiary's contractual relations created, for the counterparty, a misleading appearance enabling it legitimately to believe that the parent was also its counterparty (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6aaa637ec27382d099c5d48f\" target=\"_blank\" rel=\"noopener\">Cass. com., 16 September 2026, No. 25-18.854<\/a>). In that judgment, emails from the parent referring to the subsidiary's cash difficulties and proposing a payment schedule were not enough: the judgment against the parent was quashed. Likewise, partial payment by the parent of a debt which its subsidiary had been formally put on notice to pay \u201ccannot, on its own, characterise an interference\u201d (our translation) of this kind (<a href=\"https:\/\/www.courdecassation.fr\/decision\/636b6d2467b11ddcd1c423c8\" target=\"_blank\" rel=\"noopener\">Cass. com., 9 November 2022, No. 20-22.063<\/a>). These judgments are unfavourable to creditors who relied on the solvency of the group. The creditor must therefore gather specific evidence showing that the parent presented itself as a party to the contract, and not merely that it was monitoring its subsidiary's situation.<\/p><\/div><\/details><details><summary>When can a subsidiary's liquidation be extended to the parent company?<\/summary><div class=\"a\"><p><a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 621-2 of the Commercial Code<\/a> allows proceedings opened against one debtor to be extended to another person where their assets are commingled or the legal entity is a sham. Belonging to the same group, having common directors or the existence of flows is not enough. The Court of Cassation set aside an extension based on an unexplained claim between two companies with the same director and sole shareholder, holding those grounds \u201cunsuited to establish the existence of abnormal financial relations between the Dardy companies, amounting to a commingling of their assets\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6811bb2312a37cea68763c9a\" target=\"_blank\" rel=\"noopener\">Cass. com., 30 April 2025, No. 24-14.053<\/a>). This decision is unfavourable to the liquidator who sought the extension. Conversely, the Montpellier Court of Appeal upheld an extension, noting unjustified flows, a transfer of assets without consideration and a systematic pattern, and held that \u201cthe three cumulative conditions of a commingling of assets are met in this case\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6a47da2a93c619cd1f418a53\" target=\"_blank\" rel=\"noopener\">CA Montpellier, ch. com., 30 June 2026, No. 26\/00151<\/a>). The debate therefore concerns proof of abnormal financial relations. A parent company under threat must be able to link each flow to an agreement, an invoice or an identifiable consideration.<\/p><\/div><\/details><details><summary>Is a holding company that chairs its subsidiary liable for the shortfall in assets?<\/summary><div class=\"a\"><p>A holding company is often chairman or director of its subsidiaries. It is then a de jure manager and may be targeted by the action for liability for shortfall in assets under <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178209\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178209\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 651-2 of the Commercial Code<\/a>, in the event of a management fault that contributed to the shortfall, mere negligence being excluded by the provision. The Court of Cassation has held, for a public limited company administered by a legal entity, that \u201cthe management fault capable of engaging the liability of that manager for shortfall in assets may be established indifferently as regards the manager itself or its permanent representative\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/5fca5ed410488345eaf93cff\" target=\"_blank\" rel=\"noopener\">Cass. com., 8 January 2020, No. 18-15.027<\/a>). The individual representing the holding company therefore does not remove the risk for the holding company itself. The same provision covers de facto managers: a parent without a mandate may be pursued if the liquidator shows that it actually managed the subsidiary. The firm examines the decisions actually taken, the delegations of powers and the flows decided by the holding company before responding to the liquidator.<\/p><\/div><\/details><details><summary>Can a subsidiary's employees take action against the parent company?<\/summary><div class=\"a\"><p>An employee's employer is the company that hired them. The parent company may nonetheless be characterised as a joint employer, absent any relationship of subordination, on the basis of <a href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006900839\" target=\"_blank\" rel=\"noopener\" class=\"kohen-legifrance-popup-link\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006900839\" data-kohen-legifrance-title=\"Texte officiel Legifrance\">Article L. 1221-1 of the Labour Code<\/a>. The Court of Cassation accepts this where there is, beyond the normal coordination of the group and the economic domination it entails, \u201ca permanent interference by that company in the economic and social management of the employer company, leading to the total loss of the latter's autonomy of action\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/6ad8876d7a102021370798cd\" target=\"_blank\" rel=\"noopener\">Cass. soc., 21 October 2026, No. 24-19.406<\/a>). In that judgment, the parent directed the subsidiary's employment management and approved its pay rises and pay negotiations, but also gave instructions on its contracts, its prices and its payments; it was this total loss of economic and social autonomy that justified the finding of joint employment. The protection of employees also has its limits. The Court of Cassation holds that \u201cno provision or principle requires a parent company, when it sells the shares it holds in the share capital of a subsidiary in a state of cessation of payments, to ensure, before the sale, that the buyer has a takeover plan guaranteeing the economic and financial viability of that subsidiary\u201d (our translation) (<a href=\"https:\/\/www.courdecassation.fr\/decision\/63fefc00002ac605de15b29a\" target=\"_blank\" rel=\"noopener\">Cass. com., 1 March 2023, No. 21-14.787<\/a>). This outcome is unfavourable to employees who relied on such an obligation.<\/p><\/div><\/details><\/div>\n<\/div><\/div><div class=\"kcv-slide\" id=\"kcv-textes\" role=\"tabpanel\" aria-labelledby=\"kcv-t-kcv-textes\" tabindex=\"-1\">\n<p class=\"kk\">Sources and related pages<\/p>\n<h2>Official texts and <em>related pages<\/em><\/h2>\n<p class=\"kcv-lead\">The sources for this page and the firm's related areas of practice.<\/p>\n<div class=\"kcv-arts\"><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000031564650\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 233-3 of the Commercial Code<\/span><span class=\"kcv-art-t\">concept of control<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000052990094\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 511-7 of the Monetary and Financial Code<\/span><span class=\"kcv-art-t\">cash management transactions between related companies<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000029329315\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-38 of the Commercial Code<\/span><span class=\"kcv-art-t\">related-party agreements in the public limited company<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339575\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000042339575\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-39 of the Commercial Code<\/span><span class=\"kcv-art-t\">ordinary transactions and wholly owned subsidiaries<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038610414\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000038610414\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 225-42 of the Commercial Code<\/span><span class=\"kcv-art-t\">nullity of unauthorised agreements<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000034584108\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 227-10 of the Commercial Code<\/span><span class=\"kcv-art-t\">agreements in the SAS<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000006223120\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 223-19 of the Commercial Code<\/span><span class=\"kcv-art-t\">agreements in the SARL<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178127\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 621-2 of the Commercial Code<\/span><span class=\"kcv-art-t\">extension of proceedings for commingling of assets<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178209\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000045178209\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article L. 651-2 of the Commercial Code<\/span><span class=\"kcv-art-t\">liability for shortfall in assets<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-art kohen-legifrance-popup-link\" href=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" target=\"_blank\" rel=\"noopener\" data-kohen-legifrance-url=\"https:\/\/www.legifrance.gouv.fr\/codes\/article_lc\/LEGIARTI000049876831\" data-kohen-legifrance-title=\"Texte officiel Legifrance\"><span class=\"kcv-art-n\">Article 1842 of the Civil Code<\/span><span class=\"kcv-art-t\">legal personality of companies<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<h3 class=\"kcv-center\">Further reading<\/h3>\n<div class=\"kcv-pgs\"><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/\"><span class=\"kcv-pg-t\">Company law<\/span><span class=\"kcv-pg-s\">Firm's practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/holding-company-lawyer-paris\/\"><span class=\"kcv-pg-t\">Active holding company<\/span><span class=\"kcv-pg-s\">Firm's practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/related-party-agreements-lawyer\/\"><span class=\"kcv-pg-t\">Related-party agreements<\/span><span class=\"kcv-pg-s\">Firm's practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/company-law-lawyer-paris\/director-liability-lawyer\/\"><span class=\"kcv-pg-t\">Directors' liability<\/span><span class=\"kcv-pg-s\">Firm's practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><a class=\"kcv-pg\" href=\"https:\/\/kohenavocats.fr\/en\/business-law-attorneys-paris-75017\/insolvency-proceedings-lawyer\/\"><span class=\"kcv-pg-t\">Insolvency proceedings<\/span><span class=\"kcv-pg-s\">Firm's practice area<\/span><span class=\"kcv-art-a\"><svg viewBox=\"0 0 24 24\" width=\"18\" height=\"18\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2.2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M7 17 17 7M9 7h8v8\"\/><\/svg><\/span><\/a><\/div>\n<p class=\"kcv-small kcv-center\">Page updated on 1 November 2026.<\/p><\/div><\/div>\n  <\/div>\n<\/section>\n<section class=\"kcv-cta\">\n  <div class=\"kcv-in\">\n    <div class=\"kcv-cta-card\">\n      <h2>Intragroup flows to secure or challenge? Review your position <em>today<\/em>.<\/h2>\n      <p>Send the agreements, current account statements and corporate decisions you have already gathered: the firm identifies the applicable procedure, the risks for each company and the appropriate response.<\/p>\n      <div class=\"kcv-btns\">\n        <a class=\"kcv-fb kcv-fb-tel\" href=\"tel:+33646605822\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"currentColor\" stroke=\"none\" stroke-width=\"0\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><path d=\"M22 16.9v3a2 2 0 0 1-2.2 2 19.8 19.8 0 0 1-8.6-3.1 19.5 19.5 0 0 1-6-6A19.8 19.8 0 0 1 2.1 4.2 2 2 0 0 1 4.1 2h3a2 2 0 0 1 2 1.7c.1.9.4 1.8.7 2.7a2 2 0 0 1-.5 2.1L8 9.8a16 16 0 0 0 6 6l1.3-1.3a2 2 0 0 1 2.1-.4c.9.3 1.8.6 2.7.7a2 2 0 0 1 1.7 2z\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Call the firm<span class=\"kcv-fb-n\">06&nbsp;46&nbsp;60&nbsp;58&nbsp;22<\/span><\/span><\/a>\n        <a class=\"kcv-fb kcv-fb-mail\" href=\"#kch-form\"><span class=\"kcv-fb-orb\"><svg viewBox=\"0 0 24 24\" width=\"24\" height=\"24\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" aria-hidden=\"true\"><rect x=\"2.5\" y=\"4.5\" width=\"19\" height=\"15\" rx=\"2.5\"\/><path d=\"m3.5 6.5 8.5 6.5 8.5-6.5\"\/><\/svg><\/span><span class=\"kcv-fb-txt\">Send your documents<span class=\"kcv-fb-n\">confidential form<\/span><\/span><\/a>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/section>\n<div class=\"kcv-news-band\"><h2>The latest <em>news.<\/em><\/h2><\/div>\n<\/div>\n<script type=\"application\/ld+json\">{\"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"mainEntity\": [{\"@type\": \"Question\", \"name\": \"What is a corporate group under French law?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The Commercial Code does not give the group legal personality: it defines the control of one company by another. Under Article L. 233-3 of the French Commercial Code, one company controls another in particular where it holds the majority of the voting rights, where it determines in fact, through the voting rights it holds, the decisions of the general meetings, or where, as a shareholder or member, it can appoint or remove the majority of the members of the administrative, management or supervisory bodies. Each controlled company remains a separate legal entity from its registration, as provided by Article 1842 of the Civil Code. It keeps its own assets, its own creditors, its own directors and its own corporate interest. This separation explains most of the practical difficulties. An advance granted by the holding company is a claim of the holding company, a service invoiced to the subsidiary must correspond to a real service, and a debt of the subsidiary does not automatically become the parent's. The firm therefore always begins by establishing the exact organisation chart, the control links and the list of common directors. This mapping then determines the procedures applicable to the agreements and the liability risks of each company.\"}}, {\"@type\": \"Question\", \"name\": \"Is an intragroup cash management agreement necessary?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article L. 511-7, I, 3\u00b0 of the French Monetary and Financial Code disapplies the prohibitions of Article L. 511-5 of the same code so as to allow a company to carry out cash management transactions with companies that have capital ties with it giving one of them actual control over the others. This provision does not require a written agreement for each advance, but an agreement records what the parties actually intended: direction of the flows, remuneration, duration, repayment conditions and the fate of the sums if a company leaves the group. Its scope remains limited. The Court of Cassation upheld a court of appeal which had held that, the agreement providing for the independence of the parties, \u201cthe existence of such a cash management agreement cannot constitute the legal basis for the transfer of a payment obligation\u201d (our translation) (Cass. com., 12 March 2025, No. 23-23.961). A cash management agreement therefore organises flows; it does not transfer the debts of one group company to another. The firm also checks whether the agreement falls within the related-party agreements procedure in each of the signatory companies.\"}}, {\"@type\": \"Question\", \"name\": \"What happens to cash pooling when a subsidiary is in insolvency proceedings?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Where a subsidiary is placed in judicial reorganisation or judicial liquidation, the parent company that centralised the cash must file its claims like any other creditor. The question is then the exact nature of the sums made available and when they fell due. In a case decided by the Versailles Court of Appeal, the cash pooling agreement provided only for transfers between the parent company and its subsidiaries, with no horizontal flow between subsidiaries. The court inferred that the funds made available to the subsidiary \u201cwere necessarily recorded in that company's accounts as a shareholder current account and must be regarded as claims of the parent company on that basis\u201d (our translation) (CA Versailles, ch. com. 3-2, 13 May 2025, No. 24\/06303). As the later current account agreements provided for repayment in instalments over five years with interest, the court admitted the claims for interest accruing after the opening judgment that the supervising judge had rejected, applying the exception provided by Article L. 622-28 of the Commercial Code for loans of at least one year. This outcome depends on how the agreement is drafted and on the accounting entries. The firm therefore compares the contract, the current account statements and any amendments before filing or disputing the claim. The insolvency practitioner may, for its part, examine whether certain flows reveal abnormal financial relations.\"}}, {\"@type\": \"Question\", \"name\": \"Can the holding company draw on its subsidiary's cash?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Cash centralisation is lawful between companies linked by actual control, but it does not allow the holding company to drain its subsidiary. A director who uses the company's assets contrary to its interest in order to favour another company in which they have an interest is exposed to the offence of misuse of company assets provided by Article L. 241-3 for the SARL and Article L. 242-6 of the Commercial Code for the public limited company. The urgent applications judge in Strasbourg, seised by a minority shareholder of the subsidiary, noted that cash centralisation \u201cmust not result in creating an imbalance between the interests of the participating companies\u201d (our translation) (TJ Strasbourg, r\u00e9f. comm., 3 September 2025, No. 25\/00745). The judge held that the abuse is established where no group interest can be shown, where the support has no consideration or where it exceeds the financial capacity of the company bearing it. The judge prohibited the holding company from drawing further advances, while declaring inadmissible the request for an expert assessment made in the same proceedings. Before each significant upstreaming, the firm therefore documents the common interest, the consideration and the subsidiary's cash position.\"}}, {\"@type\": \"Question\", \"name\": \"How can management fees invoiced to a subsidiary be justified?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Management fees remunerate services provided by the holding company: finance, human resources, IT, legal or commercial support. The difficulty lies in the risk of duplication with the functions of the subsidiary's director, who is already remunerated for their office. The Paris Court of Appeal held that a services agreement entered into with an SAS by a company managed by its chairman fell within Article L. 227-10, and then found that it \u201ccovers management functions and therefore duplicates the functions of the company's corporate officer\u201d (our translation) (CA Paris, p\u00f4le 5 ch. 9, 23 July 2024, No. 22\/18075). The fees paid were added back to the result used to set the price of a shareholder's shares, who obtained compensation for the undervaluation of that price. The same court points out that in a public limited company, such agreements are void where the services overlap with the director's functions, whereas they may be valid in an SAS under conditions, in particular if the articles of association allow a management function to be entrusted to the service provider; absent such a clause, the court held this combination of functions void. A sound justification therefore rests on dated deliverables, time spent, a method for calculating the price and a clear distinction between what the holding company does and what the subsidiary's chairman does.\"}}, {\"@type\": \"Question\", \"name\": \"Can a subsidiary have a management fees agreement annulled?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A subsidiary may challenge a services agreement that gives it no real consideration. Ruling on a 2015 agreement under former Article 1131 of the Civil Code, the Paris Court of Appeal states that \u201can agreement between two companies whose purpose is to organise and remunerate the performance of corporate management functions is void, for want of cause, for lack of real consideration\u201d (our translation) (CA Paris, p\u00f4le 5 ch. 5, 19 September 2024, No. 21\/13667). For a contract concluded since 1 October 2016, the basis is Article 1169 of the Civil Code, which annuls a contract for consideration where the consideration is illusory or derisory. The decision also shows the limit of the argument. In that case, the subsidiary had signed with its former parent company a repayment protocol acknowledging the debt arising from the fees, and had then paid part of it. Noting that the signatory of the protocol knew of the agreement and could assess its validity, the court inferred that the subsidiary had ratified the agreement and held that \u201cit is therefore not entitled to claim its nullity\u201d (our translation) (CA Paris, 19 September 2024, same judgment), ordering it to pay the balance. A protocol, a payment schedule or an acknowledgment of debt signed after the event can therefore close the route to nullity. Before signing such a document, the subsidiary must check that the services were actually provided, that the agreement was approved and the exact scope of its commitment. Conversely, the holding company claiming payment must be able to establish the services rendered during each invoiced period.\"}}, {\"@type\": \"Question\", \"name\": \"Which intragroup agreements are related-party agreements?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The answer depends on the form of each signatory company. In the public limited company (soci\u00e9t\u00e9 anonyme), Article L. 225-38 of the Commercial Code subjects to the board's prior authorisation the agreements entered into with a director, a shareholder holding more than 10% of the voting rights, the company controlling that shareholder, or an undertaking one of whose directors is also a director of the company. Article L. 225-39 disapplies this procedure for ordinary transactions entered into on normal terms and for agreements between a company and its wholly owned subsidiary. Articles L. 227-11 and L. 223-20 likewise exclude ordinary transactions entered into on normal terms in the SAS and the SARL. In the SAS, Article L. 227-10 provides for a report on which the shareholders vote, and a simple entry in the register where the company has a sole shareholder. In the SARL, Article L. 223-19 requires a report to the meeting and deprives the interested party of the right to vote on that decision. A cash management, services or guarantee agreement between two companies with the same chairman often falls within these provisions. The firm characterises each agreement in each of the companies concerned, because the same transaction may be unrestricted on one side and regulated on the other.\"}}, {\"@type\": \"Question\", \"name\": \"What does a director risk by not having an intragroup agreement approved?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"The sanction varies with the company form, but the interested director remains exposed. In the SAS, unapproved agreements take effect, but the interested party and, where applicable, the directors must bear the consequences that are harmful to the company (Article L. 227-10 of the Commercial Code). The Paris Court of Appeal thus ordered an interested company to bear the harmful consequences, for a shareholder, of an unapproved agreement (CA Paris, p\u00f4le 5 ch. 9, 23 July 2024, No. 22\/18075). In the public limited company, an agreement entered into without prior authorisation may be annulled if it had consequences harmful to the company; the action is subject to a three-year limitation period from the agreement, or from its disclosure if it was concealed (Article L. 225-42). The director's personal liability is also engaged more easily than one might think. The Court of Cassation holds that \u201cfailure to follow the procedure for related-party agreements constitutes, in itself, a breach of the statutory provisions applicable in this area and a fault within the meaning of Article L. 225-251\u201d (our translation) (Cass. com., 17 September 2025, No. 23-20.052). It quashed the judgment that required concealment in order to find this fault. In a group, regularising the procedure before any dispute remains the safest response.\"}}, {\"@type\": \"Question\", \"name\": \"Must the parent company pay its subsidiary's debts?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"As a rule, no. The subsidiary is a separate legal entity and a contract creates obligations only between the parties (Article 1199 of the Civil Code). The parent may of course commit itself, through a surety, a guarantee or a letter of intent, whose terms must then be read. Absent any commitment, the Court of Cassation holds the parent liable only if its interference in the subsidiary's contractual relations created, for the counterparty, a misleading appearance enabling it legitimately to believe that the parent was also its counterparty (Cass. com., 16 September 2026, No. 25-18.854). In that judgment, emails from the parent referring to the subsidiary's cash difficulties and proposing a payment schedule were not enough: the judgment against the parent was quashed. Likewise, partial payment by the parent of a debt which its subsidiary had been formally put on notice to pay \u201ccannot, on its own, characterise an interference\u201d (our translation) of this kind (Cass. com., 9 November 2022, No. 20-22.063). These judgments are unfavourable to creditors who relied on the solvency of the group. The creditor must therefore gather specific evidence showing that the parent presented itself as a party to the contract, and not merely that it was monitoring its subsidiary's situation.\"}}, {\"@type\": \"Question\", \"name\": \"When can a subsidiary's liquidation be extended to the parent company?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"Article L. 621-2 of the Commercial Code allows proceedings opened against one debtor to be extended to another person where their assets are commingled or the legal entity is a sham. Belonging to the same group, having common directors or the existence of flows is not enough. The Court of Cassation set aside an extension based on an unexplained claim between two companies with the same director and sole shareholder, holding those grounds \u201cunsuited to establish the existence of abnormal financial relations between the Dardy companies, amounting to a commingling of their assets\u201d (our translation) (Cass. com., 30 April 2025, No. 24-14.053). This decision is unfavourable to the liquidator who sought the extension. Conversely, the Montpellier Court of Appeal upheld an extension, noting unjustified flows, a transfer of assets without consideration and a systematic pattern, and held that \u201cthe three cumulative conditions of a commingling of assets are met in this case\u201d (our translation) (CA Montpellier, ch. com., 30 June 2026, No. 26\/00151). The debate therefore concerns proof of abnormal financial relations. A parent company under threat must be able to link each flow to an agreement, an invoice or an identifiable consideration.\"}}, {\"@type\": \"Question\", \"name\": \"Is a holding company that chairs its subsidiary liable for the shortfall in assets?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"A holding company is often chairman or director of its subsidiaries. It is then a de jure manager and may be targeted by the action for liability for shortfall in assets under Article L. 651-2 of the Commercial Code, in the event of a management fault that contributed to the shortfall, mere negligence being excluded by the provision. The Court of Cassation has held, for a public limited company administered by a legal entity, that \u201cthe management fault capable of engaging the liability of that manager for shortfall in assets may be established indifferently as regards the manager itself or its permanent representative\u201d (our translation) (Cass. com., 8 January 2020, No. 18-15.027). The individual representing the holding company therefore does not remove the risk for the holding company itself. The same provision covers de facto managers: a parent without a mandate may be pursued if the liquidator shows that it actually managed the subsidiary. The firm examines the decisions actually taken, the delegations of powers and the flows decided by the holding company before responding to the liquidator.\"}}, {\"@type\": \"Question\", \"name\": \"Can a subsidiary's employees take action against the parent company?\", \"acceptedAnswer\": {\"@type\": \"Answer\", \"text\": \"An employee's employer is the company that hired them. The parent company may nonetheless be characterised as a joint employer, absent any relationship of subordination, on the basis of Article L. 1221-1 of the Labour Code. The Court of Cassation accepts this where there is, beyond the normal coordination of the group and the economic domination it entails, \u201ca permanent interference by that company in the economic and social management of the employer company, leading to the total loss of the latter's autonomy of action\u201d (our translation) (Cass. soc., 21 October 2026, No. 24-19.406). In that judgment, the parent directed the subsidiary's employment management and approved its pay rises and pay negotiations, but also gave instructions on its contracts, its prices and its payments; it was this total loss of economic and social autonomy that justified the finding of joint employment. The protection of employees also has its limits. The Court of Cassation holds that \u201cno provision or principle requires a parent company, when it sells the shares it holds in the share capital of a subsidiary in a state of cessation of payments, to ensure, before the sale, that the buyer has a takeover plan guaranteeing the economic and financial viability of that subsidiary\u201d (our translation) (Cass. com., 1 March 2023, No. 21-14.787). 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Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157083 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157083 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/tim-schmidbauer-EnC5f7At4ac-unsplash-1-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157083 post-2157083 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-unpaid-invoice-penalties-injonction-payer-abroad\/\">Your French Client Has Not Paid: Late-Payment Penalties, the 40 Euro Fee and the Injunction-to-Pay While You Live Abroad<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157055 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157055 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/allison-saeng-Hpw4nI_QUWQ-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157055 post-2157055 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-corporate-bank-account-refusal-abroad\/\">Your French Bank Won&#8217;t Open a Corporate Account While You Live Abroad: Right to an Account, Banque de France Designation and the Anti-Money-Laundering Wall<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2157013 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2157013 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2157013 post-2157013 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-pay-abroad-salary-dividends-management-fees\/\">Your French SAS Pays You While You Live Abroad: Salary, Dividends or Management Fees<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156883 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156883 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/getty-images-p1ZW7qeVRyE-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156883 post-2156883 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/25\/foreign-company-france-sas-capital-increase-cash-call-filing-abroad\/\">Your French SAS Needs Cash From Abroad: Increase Capital, Call Up Unpaid Shares or Lend Instead \u2014 Filing and New Kbis Without Flying to Paris<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156702 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156702 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/pawel-czerwinski-mIT9kEQBC6Q-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156702 post-2156702 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-hire-first-employee-dpae-contract-trial-pay-abroad\/\">Hiring Your First French Employee While You Live Abroad: DPAE, Contract, Trial Period, Pay and Registration<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156668 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156668 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/alex-vasey-F5HtPjpBb9k-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156668 post-2156668 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-management-fees-transfer-pricing-file-defence-abroad\/\">Your French Subsidiary Pays Management Fees to Its Foreign Parent While You Live Abroad: Transfer Pricing File, Deduction and Reassessment Defence<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. Rendre la carte cliquable (Simule le lien)\n    const cards = document.querySelectorAll('.card-item');\n    \n    cards.forEach(card => {\n        card.style.cursor = 'pointer';\n        \n        \/\/ On cherche l'URL dans le titre de la carte\n        const titleLink = card.querySelector('.card-title a');\n        let url = titleLink ? titleLink.href : null;\n\n        if (url) {\n            \/\/ Clic sur toute la carte\n            card.addEventListener('click', function(e) {\n                \/\/ Si on ne clique pas d\u00e9j\u00e0 sur un bouton ou un autre lien valide\n                if (!e.target.closest('a') && !e.target.closest('button')) {\n                    window.location.href = url;\n                }\n            });\n        }\n\n        \/\/ 2. Nettoyer les liens DANS le texte (Expos\u00e9 des motifs, etc.)\n        const content = card.querySelector('.elementor-widget-theme-post-content');\n        if (content) {\n            const links = content.querySelectorAll('a');\n            links.forEach(link => {\n                \/\/ Remplace le lien <a href=\"...\">Texte<\/a> par un simple <span>Texte<\/span>\n                const span = document.createElement('span');\n                span.innerHTML = link.innerHTML;\n                link.replaceWith(span);\n            });\n        }\n    });\n});\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style id=\"loop-dynamic-1983483\">.e-loop-item-2156642 .elementor-element.elementor-element-5bca5836:not(.elementor-motion-effects-element-type-background), .e-loop-item-2156642 .elementor-element.elementor-element-5bca5836 > .elementor-motion-effects-container > .elementor-motion-effects-layer{background-image:url(\"https:\/\/kohenavocats.fr\/wp-content\/uploads\/2024\/11\/shubham-dhage-ICCn56-jyuw-unsplash-scaled.webp\");}<\/style>\t\t<div data-elementor-type=\"loop-item\" data-elementor-id=\"1983483\" class=\"elementor elementor-1983483 e-loop-item e-loop-item-2156642 post-2156642 post type-post status-publish format-standard has-post-thumbnail hentry category-decryptage category-doing-business-in-france\" data-elementor-post-type=\"elementor_library\" data-custom-edit-handle=\"1\">\n\t\t\t<div class=\"elementor-element elementor-element-5bca5836 card-item e-ecs-flex e-flex e-con-boxed e-con e-parent\" data-id=\"5bca5836\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;ecs_container_type&quot;:&quot;flex&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-daf2e8 card-title elementor-widget elementor-widget-heading\" data-id=\"daf2e8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/kohenavocats.fr\/en\/2026\/10\/24\/foreign-company-france-shareholder-loan-compte-courant-abroad\/\">Your French Subsidiary Needs Cash From Abroad: Shareholder Loans (Compte Courant d&#8217;Associe), Interest, Approval and Getting Repaid<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b7e11a6 elementor-widget elementor-widget-html\" data-id=\"b7e11a6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t <script>\n  (function() {\n    let attempts = 0;\n    const maxAttempts = 20; \/\/ 20 tentatives = 10 secondes max\n\n    function tryClean() {\n      attempts++;\n      console.log('Tentative', attempts);\n\n      \/\/ Cherche TOUS les conteneurs possibles\n      const containers = document.querySelectorAll(\n        '.elementor-widget-theme-post-content .elementor-widget-container, ' +\n        '.card-item [class*=\"post-content\"], ' +\n        '.elementor-loop-container [class*=\"widget-container\"]'\n      );\n\n      console.log('Conteneurs trouv\u00e9s:', containers.length);\n\n      if (containers.length === 0 && attempts < maxAttempts) {\n        \/\/ R\u00e9essaye dans 500ms\n        setTimeout(tryClean, 500);\n        return;\n      }\n\n      let cleaned = 0;\n\n      containers.forEach(function(container) {\n        const html = container.innerHTML;\n\n        if (html && html.includes('Expos\u00e9 des motifs')) {\n          console.log('Nettoyage en cours...');\n          const parts = html.split('Expos\u00e9 des motifs');\n          if (parts[1]) {\n            container.innerHTML = parts[1].trim();\n            cleaned++;\n          }\n        }\n      });\n\n      console.log('Cartes nettoy\u00e9es:', cleaned);\n\n      \/\/ Si rien n'a \u00e9t\u00e9 nettoy\u00e9 et qu'on a encore des tentatives\n      if (cleaned === 0 && attempts < maxAttempts) {\n        setTimeout(tryClean, 500);\n      }\n    }\n\n    \/\/ Lance au chargement\n    if (document.readyState === 'loading') {\n      document.addEventListener('DOMContentLoaded', tryClean);\n    } else {\n      tryClean();\n    }\n  })();\n  <\/script>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcaeb6b elementor-widget elementor-widget-html\" data-id=\"bcaeb6b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t\t<script>\ndocument.addEventListener(\"DOMContentLoaded\", function() {\n    \n    \/\/ 1. 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Cash advances, cash pooling, management fees, re-invoicing and guarantees: each flow between the holding company and its subsidiaries involves two separate companies. As a corporate group lawyer in Paris, the firm checks the [&hellip;]<\/p>\n","protected":false},"author":251031307,"featured_media":2157164,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2161283","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Corporate Group Lawyer Paris | Kohen Avocats<\/title>\n<meta name=\"description\" content=\"Corporate group lawyer in Paris: the firm reviews intragroup cash flows, related-party agreements and parent liability. 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