{"id":2118917,"date":"2026-09-10T20:06:04","date_gmt":"2026-09-10T18:06:04","guid":{"rendered":"https:\/\/kohenavocats.fr\/2026\/09\/10\/foreign-company-france-negative-equity-half-capital-reconstitute\/"},"modified":"2026-09-10T20:06:04","modified_gmt":"2026-09-10T18:06:04","slug":"foreign-company-france-negative-equity-half-capital-reconstitute","status":"publish","type":"post","link":"https:\/\/kohenavocats.fr\/en\/2026\/09\/10\/foreign-company-france-negative-equity-half-capital-reconstitute\/","title":{"rendered":"Your French Subsidiary’s Equity Fell Below Half the Share Capital: Recapitalise From Abroad Before the Kbis Mention and a Dissolution Claim"},"content":{"rendered":"

The first warning is often not a court summons. It is a line in the French statutory accounts, or a bank that wants a comfort letter because the Kbis<\/em> \u2014 the official extract from the registre du commerce et des soci\u00e9t\u00e9s<\/em> (RCS, the Trade and Companies Register) \u2014 now mentions that equity has fallen below half the share capital. For a foreign parent the pattern is familiar: the French SAS (soci\u00e9t\u00e9 par actions simplifi\u00e9e<\/em>, a simplified joint-stock company) or SARL (soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e<\/em>, a private limited company) was capitalised lightly, the first years produced losses, and nobody diaryed the French recapitalisation clock.<\/p>\n

French company law does not wait for insolvency. When losses recorded in the accounts bring capitaux propres<\/em> (equity) below half of the capital social<\/em> (share capital), the shareholders must meet, decide whether to dissolve, publish that decision, then rebuild equity or reduce capital within a statutory period. If they do nothing, any interested party may ask the commercial court to dissolve the company. The court may grant up to six months to regularise; it cannot dissolve if, on the day it rules on the merits, the situation has been repaired. Those rules sit in article L. 223-42 of the French Commercial Code<\/a> for the SARL and in article L. 225-248<\/a> for companies limited by shares, applied to the SAS by article L. 227-1<\/a>.<\/p>\n

This article is for the foreign owner who has just seen negative equity on a French balance sheet and needs the usable sequence: the threshold, the meeting from abroad, a cash injection or conversion of a parent loan, the 2023 \u201c1 per cent of the balance sheet\u201d reduction, and the defence to a dissolution claim.<\/p>\n

I. When must a foreign-owned French company recapitalise after losses?<\/h2>\n

A. How do you know the equity has fallen below half the share capital?<\/h3>\n

The trigger is arithmetic, not a feeling of \u201ccash-flow stress\u201d. Article L. 223-42 of the Commercial Code<\/a> opens with this sentence: \u201cSi, du fait de pertes constat\u00e9es dans les documents comptables, les capitaux propres de la soci\u00e9t\u00e9 deviennent inf\u00e9rieurs \u00e0 la moiti\u00e9 du capital social, les associ\u00e9s d\u00e9cident, dans les quatre mois qui suivent l’approbation des comptes ayant fait appara\u00eetre cette perte s’il y a lieu \u00e0 dissolution anticip\u00e9e de la soci\u00e9t\u00e9.\u201d In English: if, because of losses recorded in the accounting documents, the company\u2019s equity becomes lower than half of the share capital, the members decide, within the four months following approval of the accounts that revealed that loss, whether the company should be wound up early. Article L. 225-248<\/a> uses the same threshold for companies limited by shares, and places the duty to convene on the board or the management board.<\/p>\n

Equity is not share capital. Share capital is the figure in the articles \u2014 often 1 euro for a foreign-owned SAS, 1,000 euros or 10,000 euros for a more classical SARL. Equity is a broader aggregate. Article R. 123-191 of the Commercial Code<\/a> states: \u201cLes capitaux propres correspondent \u00e0 la somme alg\u00e9brique des apports, des \u00e9carts de r\u00e9\u00e9valuation, des b\u00e9n\u00e9fices autres que ceux pour lesquels une d\u00e9cision de distribution est intervenue, des pertes, des subventions d’investissement et des provisions r\u00e9glement\u00e9es.\u201d Equity is the algebraic sum of contributions, revaluation differences, profits other than those for which a distribution has been decided, losses, investment grants and regulated provisions. A parent-company current account is a liability, not equity, until it is incorporated or waived. That is why a subsidiary can look \u201cfunded\u201d from the group treasury dashboard and still be below the legal line.<\/p>\n

The official Entreprendre Service-Public page on loss of half the capital, fiche F36700<\/a>, walks through a simple SARL: share capital 5,000 euros, reserves 3,000, retained earnings 2,000, regulated provisions 1,000, loss 9,000. Equity equals 2,000 euros, which is below half of 5,000. The company is then in the statutory situation. The same page stresses that the comparison uses the share capital as it stands, whether or not it is fully paid up. A foreign founder who left 75 per cent of a SARL capital uncalled does not get a more generous threshold; the denominator remains the stated capital.<\/p>\n

The one-euro SAS is the trap that international groups meet most often. Half of 1 euro is 50 cents. Almost any first-year loss crosses the line. The 2023 reform did not repeal that test. What it added, in the fourth paragraph of L. 223-42 and L. 225-248, is a later capital-reduction duty when equity has still not been restored and the capital remains above a size-based ceiling. Article R. 223-37<\/a>, inserted by decree no. 2023-657 of 25 July 2023, provides: \u201cLe seuil de capital social mentionn\u00e9 au quatri\u00e8me alin\u00e9a de l’article L. 223-42 est \u00e9gal \u00e0 1 % du total du bilan de la soci\u00e9t\u00e9, constat\u00e9 lors de la derni\u00e8re cl\u00f4ture d’exercice.\u201d The ceiling is 1 per cent of the company\u2019s total assets at the last year-end. For companies that have a statutory minimum capital, article R. 225-166-1<\/a> takes the higher of that 1 per cent and the legal minimum \u2014 37,000 euros for a French SA under article L. 224-2<\/a>. A SAS is not bound by that 37,000 euro floor: article L. 227-1<\/a> lists L. 224-2 among the SA rules that do not apply to the SAS.<\/p>\n

The accounts that \u201creveal\u201d the loss are the approved French statutory accounts, not the parent\u2019s IFRS pack. Article L. 223-26<\/a> requires the SARL manager to put the management report, inventory and annual accounts to the members \u201cdans le d\u00e9lai de six mois \u00e0 compter de la cl\u00f4ture de l’exercice sous r\u00e9serve de prolongation de ce d\u00e9lai par d\u00e9cision de justice\u201d \u2014 within six months of the year-end, unless the court extends that period. A foreign parent that delays approval because the group audit is late does not freeze the recapitalisation file; it delays the four-month meeting clock, and it can itself be forced. The same article allows the public prosecutor or any interested person to apply to the president of the competent court, sitting in summary proceedings, to order the managers, if need be under an astreinte (a periodic penalty payment), to convene the meeting or to appoint an agent to do so.<\/p>\n

Two exclusions matter. First, L. 223-42 and L. 225-248 both end with the same carve-out: the article does not apply to companies in safeguard or judicial recovery, or companies that benefit from a safeguard or recovery plan. Second, Service-Public F36700 recalls that SNC, SCS and SCI vehicles are outside this particular recapitalisation duty. A French operating SAS or SARL held by a foreign parent is inside it. A branch (succursale<\/em>) is not a French company with share capital; its PE and tax issues are a different file.<\/p>\n

B. What decision must shareholders take within four months, and how is it filed?<\/h3>\n

The first legal act is not the cash injection. It is a decision on early dissolution. For the SARL, the members decide within four months of the approval of the accounts. For the SA, and therefore for the SAS, the president (standing in the place of the board) must convene an extraordinary general meeting within the same four months \u201c\u00e0 l’effet de d\u00e9cider s’il y a lieu \u00e0 dissolution anticip\u00e9e de la soci\u00e9t\u00e9\u201d. The Commercial Chamber of the Cour de cassation confirmed that L. 225-248 applies to the SAS through L. 227-1 in its judgment of 13 March 2024, appeal no. 22-15.164. The Court quoted the two articles \u201cdans sa r\u00e9daction ant\u00e9rieure \u00e0 celle issue de la loi n\u00b0 2023-171 du 9 mars 2023\u201d \u2014 in the wording prior to law no. 2023-171 of 9 March 2023 \u2014 and then held: \u201cIl r\u00e9sulte du second de ces textes que si, \u00e0 la cl\u00f4ture du deuxi\u00e8me exercice suivant celui au cours duquel la constatation des pertes est intervenue, la dissolution de la soci\u00e9t\u00e9 n’a pas \u00e9t\u00e9 prononc\u00e9e et, \u00e0 d\u00e9faut, soit de r\u00e9union de l’assembl\u00e9e g\u00e9n\u00e9rale charg\u00e9e de se prononcer sur la r\u00e9duction du capital, comme dans le cas o\u00f9 cette assembl\u00e9e n’a pas pu d\u00e9lib\u00e9rer valablement, soit d’application de la d\u00e9cision de r\u00e9duction de capital, soit de reconstitution des capitaux propres \u00e0 concurrence d’une valeur au moins \u00e9gale \u00e0 la moiti\u00e9 du capital social, tout int\u00e9ress\u00e9 peut la demander en justice.\u201d If, at the close of the second financial year following the year in which the losses were recorded, the company has not been dissolved and equity has not been restored to at least half the capital, any interested person may ask the court to dissolve it. The 2023 law added a further reduction-to-threshold stage; it did not repeal that core timetable. The decision is online on the Cour de cassation site<\/a>.<\/p>\n

The majority depends on the form. In a SARL, a vote to dissolve is a statutory amendment. Article L. 223-30<\/a> states that, apart from nationality and certain seat transfers, \u201cToutes autres modifications des statuts sont d\u00e9cid\u00e9es par les associ\u00e9s repr\u00e9sentant au moins les trois quarts des parts sociales.\u201d Companies formed after the law of 2 August 2005 also need a quorum of one quarter of the shares on first call and one fifth on second call, with a two-thirds majority of the shares present or represented. An EURL (single-member SARL) is decided by the sole member, who cannot delegate that power; article L. 223-31<\/a> requires the decision to be entered in a register. In a SAS, L. 227-1 leaves the meeting rules to the articles: the majority for dissolution is the majority the statutes require for that decision, not a hidden SA rule. A foreign parent that never translated the SAS articles, or that copied a template with an 80 per cent supermajority, discovers the blockage at this meeting.<\/p>\n

Holding the meeting from abroad is lawful if the form is respected. For the SARL, article L. 223-27<\/a> allows the articles to provide for written consultation or a unanimous act, including electronically, and, where the articles so provide, for members attending by a telecommunication means that identifies them to be treated as present for quorum and majority, except for certain operations. The same article is unforgiving on notice: \u201cToute assembl\u00e9e irr\u00e9guli\u00e8rement convoqu\u00e9e peut \u00eatre annul\u00e9e.\u201d An irregularly convened meeting may be cancelled. The Commercial Chamber, in its published judgment of 29 May 2024, appeal no. 21-21.559, involving a French SARL 63 per cent owned by Brigade Electronics Group PLC, an English company, held: \u201cIl r\u00e9sulte de ce texte que le d\u00e9faut de convocation r\u00e9guli\u00e8re de l’associ\u00e9 d’une soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e \u00e0 l’assembl\u00e9e g\u00e9n\u00e9rale de cette soci\u00e9t\u00e9 n’entra\u00eene la nullit\u00e9 des d\u00e9lib\u00e9rations de cette assembl\u00e9e que si cette irr\u00e9gularit\u00e9 a priv\u00e9 l’associ\u00e9 de son droit d’y prendre part et qu’elle \u00e9tait de nature \u00e0 influer sur le r\u00e9sultat du processus de d\u00e9cision.\u201d Failure to convene a SARL member regularly leads to nullity only if that member was deprived of the right to take part and the defect was capable of affecting the outcome. The judgment is published on courdecassation.fr<\/a>. A foreign parent that was not called, and that would have voted against dissolution or against an accordion, is exactly the profile of that case. The practical lesson is the opposite of folklore: do not \u201cpass a paper AGM\u201d in Paris without tracing notice to the foreign shareholder. The firm\u2019s guide on approving annual accounts from abroad<\/a> deals with the ordinary meeting; the recapitalisation vote is the extraordinary one that must follow it.<\/p>\n

Publication is mandatory whether the company dissolves or continues. Article R. 223-36<\/a> provides that the members\u2019 decision under L. 223-42 \u201cest publi\u00e9e dans un support habilit\u00e9 \u00e0 recevoir les annonces l\u00e9gales dans le d\u00e9partement du si\u00e8ge social, d\u00e9pos\u00e9e au greffe du tribunal de commerce du lieu de ce si\u00e8ge et inscrite au registre du commerce et des soci\u00e9t\u00e9s.\u201d It is published in a medium authorised to carry legal notices in the department of the registered office, filed with the greffe<\/em> (the court registry) of that commercial court, and entered in the RCS. For companies limited by shares, article R. 225-166<\/a> requires deposit at the greffe, RCS registration, and publication in a legal-notice support in accordance with article R. 210-11. In practice the filing now goes through the Guichet unique des formalit\u00e9s des entreprises, the one-stop business counter operated under the INPI (Institut national de la propri\u00e9t\u00e9 industrielle, the National Institute of Industrial Property). Service-Public F36700 currently lists the packet: the minutes deciding dissolution or continuation, updated articles certified by the legal representative if the articles change, and the attestation of publication. After registration, the Kbis can carry the mention of the loss of half the capital. Banks, landlords and public buyers read that line. That is why a foreign parent that \u201cwill recapitalise next year\u201d still needs this year\u2019s publication if it has voted to continue.<\/p>\n

If the manager or the president never calls the meeting, or the members cannot validly deliberate, L. 223-42 and L. 225-248 both say that any interested person may apply to the court for dissolution. Service-Public F36700 adds that the quality of creditor, by itself, does not prove the interest the statute requires; a competitor or a co-shareholder may have that interest. The four-month clock is therefore not an internal KPI. It is the period during which the company still controls the narrative on the Kbis.<\/p>\n

II. How can a foreign parent recapitalise from abroad or fight a dissolution claim?<\/h2>\n

A. How to rebuild equity: cash, current-account conversion, reduction and the accordion<\/h3>\n

If the meeting refuses dissolution \u2014 the usual vote \u2014 the company must restore the ratio. L. 223-42 states: \u201cSi la dissolution n’est pas prononc\u00e9e \u00e0 la majorit\u00e9 exig\u00e9e pour la modification des statuts, la soci\u00e9t\u00e9 est tenue, au plus tard \u00e0 la cl\u00f4ture du deuxi\u00e8me exercice suivant celui au cours duquel la constatation des pertes est intervenue, de reconstituer ses capitaux propres \u00e0 concurrence d’une valeur au moins \u00e9gale \u00e0 la moiti\u00e9 du capital social ou de r\u00e9duire son capital social du montant n\u00e9cessaire pour que la valeur des capitaux propres soit au moins \u00e9gale \u00e0 la moiti\u00e9 de son montant.\u201d If dissolution is not pronounced, the company must, at the latest at the close of the second financial year following the year in which the losses were recorded, rebuild equity to at least half of the share capital, or reduce share capital by the amount needed for equity to equal at least half of that capital. L. 225-248 says the same for companies limited by shares, \u201csous r\u00e9serve de l’article L. 224-2\u201d \u2014 subject to the SA minimum capital, a reservation that does not bind a SAS.<\/p>\n

How that deadline is counted is a place where administrative guidance and the Code should not be blended. The Code and the Cour de cassation in 22-15.164 speak of the close of the second financial year following the year of the recorded losses. Service-Public F36700 currently describes \u201cun d\u00e9lai de 2 ans\u201d running from the ordinary meeting that approved the loss-making accounts, and gives this illustration: accounts closed on 31 December 2026, approved in 2027, regularisation until 31 December 2029 rather than 31 December 2028. A foreign parent should not plan on the later date without a written analysis of the file. The safer working calendar is the statutory close. The Commercial Chamber already refused, in its judgment of 11 April 2018, appeal no. 16-21.886, to treat a missed reconstitution as a management fault contributing to asset shortfall without checking whether the L. 225-248 paragraph 2 period had even expired at the opening of insolvency. The Court held that the court of appeal \u201cn’a pas recherch\u00e9, pour chacune des soci\u00e9t\u00e9s, si, au regard de la date de l’assembl\u00e9e g\u00e9n\u00e9rale extraordinaire d\u00e9cidant de ne pas la dissoudre par anticipation, le d\u00e9lai imparti par l’article L. 225-248,alin\u00e9a 2, du code de commerce pour la reconstitution des capitaux propres \u00e9tait expir\u00e9 au jour de l’ouverture de la proc\u00e9dure collective de cette soci\u00e9t\u00e9, n’a pas donn\u00e9 de base l\u00e9gale \u00e0 sa d\u00e9cision.\u201d The decision is on courdecassation.fr<\/a>. Directors are not automatically liable because equity is negative; they become exposed if they ignore a deadline that has actually run.<\/p>\n

Rebuilding equity from a foreign parent usually takes one of four routes, which can be combined.<\/p>\n

First, trading out of the loss. If the next two years produce enough profit, the ratio repairs itself. That is rare for a still-investing subsidiary, and it leaves the Kbis mention in place until a later meeting records the repair.<\/p>\n

Second, a cash capital increase. The foreign parent subscribes new shares or new SARL units and pays them up. For a SARL, article L. 223-32<\/a> requires that cash units be paid up as to at least one quarter on subscription, with the balance within five years, and organises the depositary certificate. The funds cannot be used as a casual intercompany sweep. The firm\u2019s note on subscribing a French capital increase from abroad<\/a> covers the banking and INPI mechanics. A SAS follows its articles and the SA issuance rules that L. 227-1 leaves applicable.<\/p>\n

Third, conversion of a parent receivable. Many groups have already pushed cash down as a compte courant d’associ\u00e9<\/em> (shareholder current account). That is debt. It does not improve equity until it is incorporated or waived. Article L. 225-128<\/a> states that new shares \u201csont lib\u00e9r\u00e9s soit par apport en num\u00e9raire y compris par compensation avec des cr\u00e9ances liquides et exigibles sur la soci\u00e9t\u00e9, soit par apport en nature\u2026\u201d They may be paid up in cash, including by set-off against liquid and payable claims on the company, or by a contribution in kind. A documented, due, uncontested parent loan can therefore be converted. A vaguely described \u201cgroup funding\u201d cannot. Conversion is a related-party corporate act; it is not the same file as keeping the loan outstanding with interest, which the firm has treated in the parent-loan article<\/a>. Waiving the claim without issuing shares can also restore equity, but it may have tax consequences in France and in the parent\u2019s country; those consequences are not a reason to pretend the current account was already capital.<\/p>\n

Fourth, a reduction of capital for losses, sometimes followed by an increase \u2014 the \u201ccoup d\u2019accord\u00e9on\u201d. The reduction lowers the denominator so that remaining equity again equals at least half of the new capital. The increase then brings in fresh money. The accordion is lawful when the ratio is actually broken and the operation is not a device to squeeze a minority. A foreign 51 per cent parent that reduces capital to zero and re-subscribes alone, while a 49 per cent local founder cannot wire funds in fourteen days, should expect an abuse-of-majority debate. The Paris Court of Appeal, P\u00f4le 5, chamber 8, in its judgment of 24 February 2026, no. 23\/18848, examined a recapitalisation motivated by the need to keep equity at least equal to half the capital, including by capitalising a 6,000,000 euro current-account claim. That case is a reminder, not a blank cheque: the minutes must record the true accounting situation, the subscription window must be real, and L. 225-248 must not be cited as if it required an emergency reduction on a date when the two-year period had not expired.<\/p>\n

If the first reconstitution deadline passes without repair, and share capital still exceeds the 1 per cent-of-balance-sheet ceiling, the 2023 paragraph applies. The company then has, at the latest, until the close of the second financial year following that first deadline to reduce capital to a figure less than or equal to the ceiling. If it later increases capital without having restored equity, it must fall back into line with that same ceiling before the close of the second financial year after the increase. That is the text of the fourth and fifth paragraphs of L. 223-42 and L. 225-248. A foreign parent that \u201ccleans\u201d the Kbis with a tiny reduction, then recapitalises massively for a funding round, restarts a compliance clock. The decree of 25 July 2023 only sets the percentage; it does not invent a discretion to skip the filing.<\/p>\n

B. What the greffe, the Kbis and the commercial court can do if you miss the deadline<\/h3>\n

The public file is part of the sanction. Once the continuation decision is registered, third parties can see that equity has fallen below half the capital. Service-Public F36700 describes the commercial effect: banks become more cautious, suppliers ask for cash on delivery or extra security, and financing is harder. Infogreffe\u2019s thematic note on loss of half the share capital, updated on 30 April 2025, presents the same event as a credibility shock as well as a formalities file. Legalstart\u2019s practical page on reconstitution lists the meeting, the legal notice and the registry steps, with a FAQ on whether the vote is an ordinary or an extraordinary meeting. What those French pages do not do is map the foreign-parent sequence: notice to an address abroad, a current-account conversion instead of a new SWIFT, a parent board that must authorise the subscription, and a French bank that will not release a depositary certificate until KYC on the foreign subscriber is complete. That is the gap this article is written to fill.<\/p>\n

If the company later repairs the ratio, the mention can be removed. Service-Public F36700 indicates that the company then files, on the Guichet unique, the minutes of the meeting that records the reconstitution. Until that filing, the Kbis continues to speak. A foreign treasurer who has already wired the cash but has not closed the corporate file has not finished the legal work.<\/p>\n

If nothing is done, dissolution in court becomes available. Both L. 223-42 and L. 225-248 repeat two sentences that a foreign parent should keep in the brief: \u201cDans tous les cas, le tribunal peut accorder \u00e0 la soci\u00e9t\u00e9 un d\u00e9lai maximal de six mois pour r\u00e9gulariser sa situation. Il ne peut prononcer la dissolution, si, au jour o\u00f9 il statue sur le fond, cette r\u00e9gularisation a eu lieu.\u201d In all cases the court may grant the company a maximum of six months to regularise. It cannot order dissolution if, on the day it rules on the merits, regularisation has occurred. The 2024 judgment 22-15.164 is the mirror image: the court of appeal had refused dissolution on vague grounds; the Cour de cassation required a real examination of whether the statutory reconstitution period had run. A dissolution claim served too early can be fought. A claim served after two silent financial years is a different case. Regularising on the eve of the hearing is expressly contemplated by the Code. That is not an invitation to wait until the hearing; it is a last ramp.<\/p>\n

Director liability is a second, separate track. Missing the meeting can be a civil fault toward the company or the shareholders. If the company later goes into judicial liquidation with an asset shortfall, article L. 651-2<\/a> allows the court, where a management fault contributed to that shortfall, to put all or part of the shortfall on the de jure or de facto directors who contributed to the fault. The same article adds: \u201cToutefois, en cas de simple n\u00e9gligence du dirigeant de droit ou de fait dans la gestion de la personne morale, sa responsabilit\u00e9 au titre de l’insuffisance d’actif ne peut \u00eatre engag\u00e9e.\u201d Mere negligence is not enough. Combined with 16-21.886, the picture for a foreign president of a SAS is this: you are not automatically the guarantor of French losses; you are exposed if you let the reconstitution period expire, if you never convene, or if you treat the French subsidiary as a cost centre with no corporate calendar. Simple negligence in the L. 651-2 sense is a litigation argument, not a planning tool.<\/p>\n

The greffe\u2019s judge supervising the RCS can also issue an injunction, with an astreinte, to complete the publicity formalities. That is an order to file, not yet a winding-up. Ignoring it usually precedes the worse application.<\/p>\n

In Paris and \u00cele-de-France the map is concrete. A company with its registered office in Paris is before the Tribunal de commerce de Paris; the greffe that receives the minutes and updates the RCS is the Paris greffe. A Nanterre, Bobigny, Cr\u00e9teil or \u00c9vry registered office sits in the commercial court of that jurisdiction. The legal notice must appear in a support authorised in the department of the seat. The Guichet unique filing is national, but the RCS inscription remains local. For a hearing, a foreign parent will need a French lawyer with a power of attorney, a set of approved accounts, the four-month meeting file or an explanation of its absence, and evidence of any cash or conversion already decided. Postal delays between a Delaware or London parent and a Paris hearing date are not a recognised excuse. If the president lives abroad, the company should also check that the Kbis still names a reachable representative and that the bank mandate will survive a recapitalisation; those issues are treated in the firm\u2019s pieces on changing a pr\u00e9sident or g\u00e9rant from abroad<\/a> and on setting up the French company, the bank account and the Kbis<\/a>.<\/p>\n

If the meeting instead votes to dissolve, the file leaves this article and joins a liquidation. That path is described in the firm\u2019s guides on closing a French company from abroad<\/a>. The recapitalisation regime is the alternative to that closing. Mixing the two \u2014 voting to continue, then disappearing \u2014 is how a foreign parent ends up as the defendant to a dissolution claim with an outdated Kbis in the hands of a French counterparty.<\/p>\n

Conclusion<\/h2>\n

Negative equity on a French SAS or SARL is a statutory event, not a group-accounting inconvenience. The sequence is rigid: approve the accounts, hold the four-month meeting, publish, then rebuild equity or reduce capital by the close of the second following financial year, with a further 1 per cent-of-balance-sheet reduction if the 2023 paragraph applies. The SAS is inside that net because L. 227-1 applies L. 225-248. The Cour de cassation has said so. The same Court has refused to treat the reconstitution duty as a management fault before the period has expired, and has required a real causal link before a SARL meeting is annulled for defective notice to a foreign shareholder.<\/p>\n

A foreign parent that still wants the French vehicle should treat the next sixty days as a closing checklist: retrieve the last approved accounts, compute equity against half of the stated capital, call the meeting with traceable notice, vote to continue if that is the business decision, publish, file on the Guichet unique, then choose the instrument \u2014 cash increase, conversion of a liquid parent claim, reduction, or accordion \u2014 with minutes that match the figures. A parent that no longer wants the vehicle should dissolve cleanly rather than let a third party do it. In both cases the Kbis will tell the market what the company decided. Silence is also a decision; it is the one the Code allows other people to finish.<\/p>\n

Need a quick opinion on your case.<\/h2>\n

Our firm offers a telephone consultation within 48 hours with an avocat of the cabinet, to review the last French accounts, the four-month meeting file and the recapitalisation options from abroad.<\/p>\n

The discussion is built on your documents: Kbis, approved accounts, parent-loan statements and draft minutes.<\/p>\n

Call Ma\u00eetre Reda Kohen on +33 6 46 60 58 22<\/a> (06 46 60 58 22 in France) or use the firm\u2019s contact form<\/a>.<\/p>\n

The firm advises companies in Paris and \u00cele-de-France, including before the Tribunal de commerce de Paris and the greffes of the inner suburban courts.<\/p>\n","protected":false},"excerpt":{"rendered":"

When French equity falls below half the share capital, a foreign parent has four months to vote, then a statutory clock to recapitalise or face a dissolution claim.<\/p>\n","protected":false},"author":251031309,"featured_media":16565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kj_source_type":"","_kj_official_id":"","_kj_official_url":"","_kj_judilibre_id":"","_kj_jur":"","_kj_lieu":"","_kj_chambre":"","_kj_rg":"","_kj_date":"","activitypub_content_warning":"","activitypub_content_visibility":"","activitypub_max_image_attachments":4,"activitypub_interaction_policy_quote":"anyone","activitypub_status":"federated","footnotes":""},"categories":[80314,80313],"tags":[],"class_list":["post-2118917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-decryptage","category-doing-business-in-france"],"yoast_head":"\nYour French Subsidiary's Equity Fell Below Half the Share Capital: Recapitalise From Abroad Before the Kbis Mention and a Dissolution Claim - 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