{"id":2119052,"date":"2026-09-11T02:05:06","date_gmt":"2026-09-11T00:05:06","guid":{"rendered":"https:\/\/kohenavocats.fr\/2026\/09\/11\/foreign-company-france-unpaid-share-capital-call-funds-creditors\/"},"modified":"2026-09-11T02:05:06","modified_gmt":"2026-09-11T00:05:06","slug":"foreign-company-france-unpaid-share-capital-call-funds-creditors","status":"publish","type":"post","link":"https:\/\/kohenavocats.fr\/en\/2026\/09\/11\/foreign-company-france-unpaid-share-capital-call-funds-creditors\/","title":{"rendered":"The Bank Asks If Your French Share Capital Is Fully Paid: How a Foreign Owner Calls the Funds, Faces Creditors and Fixes the File"},"content":{"rendered":"

The letter rarely uses the French phrase capital non lib\u00e9r\u00e9<\/em>. It arrives as a bank onboarding form, a credit-committee note, or a bailiff (huissier de justice<\/em>) serving a saisie-attribution<\/em> \u2014 an attachment of debts \u2014 on the foreign shareholder. 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 incorporated with only part of the cash capital paid into a blocked account. The rest was left \u201cto be called later\u201d. Years later, or the first time the company needs a facility, someone asks whether the share capital is fully paid.<\/p>\n

French law treats unpaid capital as a claim of the company against its members, not as a private arrangement that can be forgotten because the parent sits abroad. Article L. 223-7 of the Commercial Code<\/a> sets the SARL timetable. Articles L. 225-3<\/a> and L. 227-1<\/a> set the SAS timetable. Article 1843-3 of the Civil Code<\/a> makes the defaulting member a debtor of interest without a prior demand and lets any interested person force a capital call in urgent proceedings. The Cour de cassation has held that a creditor of the company can seize that claim. A liquidator can sue the shareholders. The Kbis<\/em> \u2014 the official extract of the Trade and Companies Register (RCS, registre du commerce et des soci\u00e9t\u00e9s<\/em>) issued by the greffe<\/em> (the commercial court registry) \u2014 does not spell out how much remains unpaid. The bank will.<\/p>\n

This article is written for a foreign owner who still wants the French vehicle. It explains the payment clock, who can come after the unpaid fraction, and how to call, prove and, if needed, recover it from a defaulting co-shareholder without waiting for insolvency.<\/p>\n

I. When must unpaid French share capital be paid, and who can seize it<\/h2>\n

A. How much a SAS versus a SARL must pay at incorporation, and what the five-year deadline does<\/h3>\n

The incorporation path itself is set out in the guide to setting up a French company as a foreign founder<\/a>. The first confusion is vocabulary. \u201cSubscribed capital\u201d (capital souscrit<\/em>) is the amount written in the articles of association (statuts<\/em>). \u201cCalled capital\u201d (capital appel\u00e9<\/em>) is the fraction the manager has formally asked members to pay. \u201cPaid-up capital\u201d (capital lib\u00e9r\u00e9<\/em>) is the fraction that has actually been paid. A company can look fully capitalised on a slide deck and still have a receivable on its own members. That receivable is what French banks, creditors and liquidators look for.<\/p>\n

For a SARL, the Commercial Code is explicit. Article L. 223-7 of the Commercial Code<\/a> provides: \u00ab Les parts sociales doivent \u00eatre souscrites en totalit\u00e9 par les associ\u00e9s. Elles doivent \u00eatre int\u00e9gralement lib\u00e9r\u00e9es lorsqu’elles repr\u00e9sentent des apports en nature. Les parts repr\u00e9sentant des apports en num\u00e9raire doivent \u00eatre lib\u00e9r\u00e9es d’au moins un cinqui\u00e8me de leur montant. La lib\u00e9ration du surplus intervient en une ou plusieurs fois sur d\u00e9cision du g\u00e9rant, dans un d\u00e9lai qui ne peut exc\u00e9der cinq ans \u00e0 compter de l’immatriculation de la soci\u00e9t\u00e9 au registre du commerce et des soci\u00e9t\u00e9s. \u00bb Cash shares (apports en num\u00e9raire<\/em>) may therefore be paid as to one fifth only at incorporation. In-kind contributions (apports en nature<\/em>) must be paid in full at once. The g\u00e9rant<\/em> (the SARL manager) calls the remainder, in one or several instalments, within five years of registration with the RCS. Service-Public Entreprendre states the same timetable in plain language: 20 per cent of cash contributions at creation, the balance within five years after the SARL is registered.<\/p>\n

The same article L. 223-7<\/a> adds a trap that foreign groups meet when they try to recapitalise later: \u00ab Toutefois, le capital social doit \u00eatre int\u00e9gralement lib\u00e9r\u00e9 avant toute souscription de nouvelles parts sociales \u00e0 lib\u00e9rer en num\u00e9raire, \u00e0 peine de nullit\u00e9 de l’op\u00e9ration. \u00bb A cash capital increase of a SARL is void if the existing capital is still unpaid. That is a different operation from a foreign investor subscribing to a capital increase from abroad<\/a>. The increase cannot even start until the original cash has been paid up.<\/p>\n

For a SAS the starting fraction is higher. Article L. 225-3 of the Commercial Code<\/a>, written for the soci\u00e9t\u00e9 anonyme<\/em> (SA, a public limited company), provides: \u00ab Les actions de num\u00e9raire sont lib\u00e9r\u00e9es, lors de la souscription, de la moiti\u00e9 au moins de leur valeur nominale. La lib\u00e9ration du surplus intervient en une ou plusieurs fois sur d\u00e9cision du conseil d’administration ou du directoire selon le cas, dans un d\u00e9lai qui ne peut exc\u00e9der cinq ans \u00e0 compter de l’immatriculation de la soci\u00e9t\u00e9 au registre du commerce et des soci\u00e9t\u00e9s. Les actions d’apport sont int\u00e9gralement lib\u00e9r\u00e9es d\u00e8s leur \u00e9mission. \u00bb At least half of the nominal of cash shares must be paid on subscription. In-kind shares are paid in full on issue. The five-year clock again runs from RCS registration. Service-Public Entreprendre repeats the rule for the SAS: at least half of the cash contribution must be paid at creation, the other half within five years of registration.<\/p>\n

That SA rule applies to the SAS because article L. 227-1<\/a> imports the SA regime except for a closed list of articles. L. 225-3 is not on that list. The same article then reallocates the board\u2019s powers: \u00ab Pour l’application de ces r\u00e8gles, les attributions du conseil d’administration ou de son pr\u00e9sident sont exerc\u00e9es par le pr\u00e9sident de la soci\u00e9t\u00e9 par actions simplifi\u00e9e ou celui ou ceux de ses dirigeants que les statuts d\u00e9signent \u00e0 cet effet. \u00bb The person who calls the unpaid SAS capital is therefore the pr\u00e9sident<\/em> (or another officer named in the articles), not a board that the SAS does not have. A foreign parent that appointed itself as pr\u00e9sident, or that left a local nominee in place, needs to know which officer actually holds that power before it sends a payment instruction.<\/p>\n

A later cash increase of a SAS is not the same timetable. Article L. 225-144<\/a> provides: \u00ab Les actions souscrites en num\u00e9raire sont obligatoirement lib\u00e9r\u00e9es, lors de la souscription, d’un quart au moins de leur valeur nominale et, le cas \u00e9ch\u00e9ant, de la totalit\u00e9 de la prime d’\u00e9mission. La lib\u00e9ration du surplus doit intervenir, en une ou plusieurs fois, dans le d\u00e9lai de cinq ans \u00e0 compter du jour o\u00f9 l’augmentation du capital est devenue d\u00e9finitive. \u00bb On an increase, one quarter of the nominal plus the entire share premium is due on subscription, and the five-year clock runs from the day the increase becomes definitive, not from the original incorporation. Mixing the two clocks is a common error in group minutes drafted abroad.<\/p>\n

The cash that is paid at incorporation does not sit in the founder\u2019s pocket. For a SARL, article R. 223-3 of the Commercial Code<\/a> provides: \u00ab Dans les huit jours de leur r\u00e9ception, les fonds provenant de la lib\u00e9ration des parts sociales sont d\u00e9pos\u00e9s pour le compte de la soci\u00e9t\u00e9 en formation et par les personnes qui les ont re\u00e7us \u00e0 la Caisse des d\u00e9p\u00f4ts et consignations, chez un notaire ou dans un \u00e9tablissement de cr\u00e9dit. Mention de la lib\u00e9ration des parts et du d\u00e9p\u00f4t des fonds est port\u00e9e dans les statuts. \u00bb The Caisse des d\u00e9p\u00f4ts et consignations (CDC, the state deposit institution), a notary (notaire<\/em>) or a credit institution must receive the funds within eight days. Article L. 223-8<\/a> then locks them: \u00ab Le retrait des fonds provenant de la lib\u00e9ration des parts sociales ne peut \u00eatre effectu\u00e9 par le mandataire de la soci\u00e9t\u00e9, avant l’immatriculation de celle-ci au registre du commerce et des soci\u00e9t\u00e9s. \u00bb Until the greffe issues the first Kbis, nobody withdraws the money. The same logic applies, with its own deposit rules, to a SAS. A foreign founder who wired the first instalment to a personal account \u201cfor convenience\u201d has not liberated the capital. The company still has a claim, and the incorporation file is incomplete.<\/p>\n

Industry contributions (apports en industrie<\/em> \u2014 know-how or work) do not form part of the capital. They cannot be used to pretend that cash has been paid. In-kind overvaluation is a separate liability: the members who skip the contribution auditor (commissaire aux apports<\/em>), or who adopt a different value, are jointly liable to third parties for five years. That is not unpaid cash capital, but it is the neighbouring risk a bank will also test.<\/p>\n

The five-year period is a maximum, not a grace period that the members can extend by silence. The g\u00e9rant or pr\u00e9sident may call earlier, in several instalments, if the articles allow it. Once the legal maximum has expired without a call, article 1843-3 of the Civil Code opens an urgent route to force the call, discussed below. What the five-year expiry does not do is erase the debt. Unpaid capital remains a claim of the company. Putting the company into dormancy (mise en sommeil<\/em>) does not, by itself, rewrite L. 223-7 or L. 225-3.<\/p>\n

B. What a bank, a creditor or a liquidator can do if the capital is still unpaid<\/h3>\n

The Kbis names the capital figure. It does not certify that the figure has been paid. Banks therefore ask for the deposit certificate from incorporation, the bank statement of the later calls, and often a certificate of the g\u00e9rant or pr\u00e9sident. A foreign-owned company that cannot produce those papers is treated as a company whose equity is smaller than its articles suggest. Credit, a merchant lease, a guarantee line or even the maintenance of the account can be refused on that ground alone. The unpaid fraction is not a theoretical accounting line. It is missing cash.<\/p>\n

Creditors do not have to wait for the company to sue its own shareholders. On 12 May 2016 the Second Civil Chamber of the Cour de cassation, in a decision published in the Bulletin, pourvoi no. 15-13.833<\/a>, held: \u00ab Mais attendu que le capital social non lib\u00e9r\u00e9 est une cr\u00e9ance de la soci\u00e9t\u00e9 contre ses associ\u00e9s pouvant faire l’objet d’une saisie de la part d’un cr\u00e9ancier de cette soci\u00e9t\u00e9 ; \u00bb The unpaid capital is a claim of the company against its members, and a creditor of the company may seize it. In that case a shareholder who still owed \u20ac30,000 on his contribution was served with an attachment and failed, without a legitimate reason, to answer the bailiff\u2019s questions as garnishee (tiers saisi<\/em>). The Court of Appeal was entitled to treat him as debtor of the seized sums. The practical translation for a foreign parent is blunt. If a French supplier, the tax office or URSSAF (the bodies that collect social-security contributions) holds an enforceable title against the subsidiary, they can attach the parent\u2019s unpaid capital in the parent\u2019s hands. Living in London, Delaware or Dubai does not turn that claim into a domestic secret.<\/p>\n

Insolvency makes the same claim even more visible. The liquidator steps into the company\u2019s rights. The Court of Appeal of Aix-en-Provence, in a judgment of 19 June 2025, RG no. 21\/10784<\/a>, applied the SAS texts to a liquidator\u2019s action. It held: \u00ab En application des dispositions de l’article L.225-3 du code de commerce, applicable aux SAS en vertu de l’article L.227-1, le liquidateur est fond\u00e9 \u00e0 agir contre les actionnaires en recouvrement du capital non lib\u00e9r\u00e9. \u00bb It added: \u00ab Le liquidateur est par ailleurs fond\u00e9 \u00e0 se pr\u00e9valoir des dispositions de l’article L.228-28 du code de commerce applicable aux valeurs mobili\u00e8res \u00e9mises par les soci\u00e9t\u00e9s par actions et aux termes duquel l’actionnaire d\u00e9faillant, les cessionnaires successifs et les souscripteurs sont tenus solidairement du montant non lib\u00e9r\u00e9 de l’action. \u00bb The unpaid SAS capital is therefore recoverable from the defaulting shareholder, from successive transferees and from the original subscribers, jointly and severally. A share sale that \u201cleft the unpaid capital with the seller\u201d does not bind the company or the liquidator.<\/p>\n

Article L. 228-28<\/a> states that solidarity in full: \u00ab L’actionnaire d\u00e9faillant, les cessionnaires successifs et les souscripteurs sont tenus solidairement du montant non lib\u00e9r\u00e9 de l’action. La soci\u00e9t\u00e9 peut agir contre eux, soit avant ou apr\u00e8s la vente, soit en m\u00eame temps, pour obtenir tant la somme due que le remboursement des frais expos\u00e9s. \u00bb The person who pays the company then has a recourse against the successive holders; the final burden falls on the last of them. There is a time-limit for former holders: \u00ab Deux ans apr\u00e8s le virement d’un compte de valeurs mobili\u00e8res \u00e0 un autre compte, tout souscripteur ou actionnaire qui a c\u00e9d\u00e9 son titre cesse d’\u00eatre tenu des versements non encore appel\u00e9s. \u00bb Two years after the securities-account transfer, a transferor drops off for calls not yet made. Calls already due remain. A foreign seller of SAS shares who wants a clean exit therefore documents which fraction has been called and paid, and which has not.<\/p>\n

Defaulting SAS shares also lose their political rights after the period fixed by decree. Article L. 228-29<\/a> provides: \u00ab A l’expiration du d\u00e9lai fix\u00e9 par d\u00e9cret en Conseil d’Etat, les actions sur le montant desquelles les versements exigibles n’ont pas \u00e9t\u00e9 effectu\u00e9s, cessent de donner droit \u00e0 l’admission et aux votes dans les assembl\u00e9es d’actionnaires et sont d\u00e9duites pour le calcul du quorum. Le droit aux dividendes et le droit pr\u00e9f\u00e9rentiel de souscription aux augmentations de capital attach\u00e9s \u00e0 ces actions sont suspendus. \u00bb A parent that still holds unpaid SAS shares can find itself unable to vote the annual accounts, unable to take a dividend, and unable to subscribe a later increase, until principal and interest are paid. That is separate from the general limit on distributions in article L. 232-11<\/a>: \u00ab Hors le cas de r\u00e9duction du capital, aucune distribution ne peut \u00eatre faite aux actionnaires lorsque les capitaux propres sont ou deviendraient \u00e0 la suite de celle-ci inf\u00e9rieurs au montant du capital augment\u00e9 des r\u00e9serves que la loi ou les statuts ne permettent pas de distribuer. \u00bb Unpaid capital does not shrink the capital figure used for that test. Paying a dividend while the company is hollow is a different, and serious, problem.<\/p>\n

Tax is a further, narrower, consequence. Article 219, I, b of the General Tax Code<\/a> opens a 15 per cent rate of corporation tax (imp\u00f4t sur les soci\u00e9t\u00e9s<\/em>, IS) on the first \u20ac42,500 of taxable profit for companies with turnover of no more than \u20ac10 million. The same paragraph requires: \u00ab Le capital des soci\u00e9t\u00e9s mentionn\u00e9es au premier alin\u00e9a du pr\u00e9sent b doit \u00eatre enti\u00e8rement lib\u00e9r\u00e9 et d\u00e9tenu de mani\u00e8re continue pour 75 % au moins par des personnes physiques ou par une soci\u00e9t\u00e9 r\u00e9pondant aux m\u00eames conditions dont le capital est d\u00e9tenu, pour 75 % au moins, par des personnes physiques. \u00bb Unpaid capital blocks the reduced rate. So does ownership by a foreign corporate parent that is not itself held 75 per cent by individuals. A group-owned SAS should not budget for 15 per cent merely because someone read a formation blog. The 25 per cent standard rate in article 219 remains the default, as already mapped in the overview of French corporate tax for foreign owners<\/a>.<\/p>\n

Director exposure sits one step further on. Article L. 651-2 of the Commercial Code<\/a> allows the court, where a judicial liquidation shows a shortfall of assets, to put all or part of that shortfall on the de jure or de facto directors whose management fault contributed to it. The same article then draws a line: \u00ab Toutefois, 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. \u00bb Simple negligence is not enough. Leaving unpaid capital uncalled for years while the company slides toward insolvency is not automatically a management fault, and it is not automatically innocent. The facts matter: whether a call was possible, whether the director was also the defaulting shareholder, whether creditors were kept in the dark. A foreign pr\u00e9sident who never called the parent\u2019s own unpaid capital will have a difficult explanation. Criminal law adds a sharper edge for the SAS. Article L. 244-1<\/a> applies articles L. 242-1 to L. 242-6<\/a> to the SAS. L. 242-1 punishes, with a fine of \u20ac150,000, the fact for founders, the pr\u00e9sident, directors or managing directors of an SA of issuing or dealing in shares where cash shares were not paid up as to at least half on subscription, or where in-kind shares were not fully paid before registration. The penalties provided for the pr\u00e9sident of an SA apply to the pr\u00e9sident and officers of a SAS. That text is about issuance below the legal minimum, not about a later delay in calling the surplus. It still explains why a bank asks for the original deposit certificate and not only for a comfort letter.<\/p>\n

None of this turns the foreign shareholder into a guarantor of the company\u2019s trading debts. Members of a SAS or SARL are liable only up to their contribution. Unpaid capital is the unpaid part of that contribution. It is not a cautionnement<\/em> (personal guarantee) of the kind a bank or landlord sometimes demands of a director, a topic already treated separately. It is the amount the member promised and has not yet paid. Creditors who attach it are collecting the company\u2019s own asset, not piercing the corporate veil.<\/p>\n

II. How a foreign owner calls the funds, sues a defaulting shareholder and keeps the file bankable<\/h2>\n

A. How to call unpaid capital from abroad and prove payment to the bank and the greffe<\/h3>\n

The first document to open is not the Kbis. It is the articles, the subscription forms, the original deposit certificate and the last approved accounts. The accounts should show \u201ccapital subscribed but not called\u201d (capital souscrit non appel\u00e9<\/em>) as an asset, or they should show that the capital is fully paid. If the two sources disagree, the company has an accounting problem as well as a legal one. A foreign owner who cannot find the deposit certificate should ask the original bank, the notary or the CDC, using the company\u2019s SIREN number (the nine-digit identification number in the SIRENE directory) and the date of incorporation. The greffe will not reconstruct that certificate from the Kbis.<\/p>\n

The call itself is a decision of the g\u00e9rant (SARL) or of the pr\u00e9sident or the officer designated by the articles (SAS). It is not a shareholders\u2019 meeting, unless the articles say otherwise. The decision should state the fraction called, the amount due from each member, the bank account of the company, the payment deadline and the legal basis (L. 223-7 or L. 225-3 as applied by L. 227-1). It should be notified to every member at the address in the register of members. A parent that is the sole member can combine the officer\u2019s decision and the payment instruction in one paper trail, but the payment must still hit the company\u2019s account. Wiring the money to a current account of the parent, or booking it as a shareholder loan from the foreign parent<\/a>, does not liberate capital. A loan is a debt of the company. Paid-up capital is equity. Banks and tax auditors read the two lines differently, and so does the Commercial Code.<\/p>\n

Interest starts without a reminder. Article 1843-3 of the Civil Code<\/a> provides: \u00ab L’associ\u00e9 qui devait apporter une somme dans la soci\u00e9t\u00e9 et qui ne l’a point fait devient de plein droit et sans demande, d\u00e9biteur des int\u00e9r\u00eats de cette somme \u00e0 compter du jour o\u00f9 elle devait \u00eatre pay\u00e9e et ce sans pr\u00e9judice de plus amples dommages-int\u00e9r\u00eats, s’il y a lieu. \u00bb The defaulting member becomes a debtor of interest as of right and without demand, from the day the sum was due, without prejudice to further damages. The \u201cday it was due\u201d is the day fixed by the call, or, once the legal five-year maximum has passed, the day the remainder could no longer be deferred. Do not wait for a formal notice to start counting. The notice still matters, because it proves the call and because, for a SAS, it opens the one-month path to selling the shares, discussed below.<\/p>\n

Payment should be traced. The company collects a bank statement showing the origin of the funds, the name of the paying shareholder and the amount. If the payer is a foreign parent, the statement should match the parent\u2019s name on the Kbis and on the register of beneficial owners (RBE, registre des b\u00e9n\u00e9ficiaires effectifs<\/em>). A payment from a sister company, a director\u2019s personal account or an unexplained offshore vehicle will be treated as unexplained funds under anti-money-laundering rules, and the bank may freeze it. Where several members pay on the same day, each transfer should be identifiable. The g\u00e9rant or pr\u00e9sident then records the liberation in the minutes and, if the articles state the paid-up fraction, prepares an update of the articles. A change of the articles is filed on the Guichet unique, the INPI (Institut national de la propri\u00e9t\u00e9 industrielle, the National Institute of Industrial Property) one-stop portal that now carries RCS filings. If the articles only state the subscribed capital, a filing may not be required merely because the unpaid fraction has been paid; the bank file still needs the internal minutes and the statements. When in doubt, file. A greffe that later sees a mismatch between the articles and the accounts will ask questions at the worst time.<\/p>\n

Paris and \u00cele-de-France add a practical layer rather than a different legal clock. A company with its registered office in Paris answers to the Tribunal de commerce de Paris and to the greffe of that court. Companies in Hauts-de-Seine, Seine-Saint-Denis or Val-de-Marne answer to the commercial court of their d\u00e9partement. The five-year period, the one-fifth and one-half minima, and the creditor\u2019s right to seize unpaid capital do not change with the postcode. What does change is the channel: the r\u00e9f\u00e9r\u00e9 of the president of the Tribunal de commerce de Paris is a busy list; filings on the Guichet unique still have to match the greffe that holds the RCS file; banks in the Paris market are used to asking for a capital-liberation certificate and will not accept a scan of the articles in its place. A foreign pr\u00e9sident who cannot come to Paris can sign the call by a power of attorney that satisfies the bank and, if a filing follows, the INPI. Sworn translation of a foreign power has its own rules; the substance of the call remains a French corporate act.<\/p>\n

If the company no longer needs the unpaid cash \u2014 a dormant vehicle, a planned strike-off, a group exit \u2014 the alternative is not to pretend the capital was paid. It is to reduce the capital to the amount actually paid, with the majority and the creditor-protection rules that a reduction requires, or to wind the company up in an orderly way. Closing a French company from abroad<\/a> often surfaces unpaid capital at the last minute, because a liquidator who distributes remaining assets without collecting what members still owe exposes himself. Reducing capital to avoid a call is a members\u2019 decision, not a side letter. It must be published and filed. It is also the wrong tool if the company is already in cessation of payments: then the unpaid capital is an asset for the creditors.<\/p>\n

A foreign owner who is recapitalising because of losses is in a different box again. Unpaid original capital is not the same as the duty to reconstitute equity when losses eat half of the capital, already examined in the article on negative equity and reconstitution of capital<\/a>. One can owe both: the original unpaid fraction, and a later reconstitution. Paying the original call does not, by itself, repair a negative-equity situation. Mixing the two votes in one set of minutes is how groups produce documents that the greffe rejects.<\/p>\n

B. How to force a capital call in urgent proceedings, recover from a defaulting shareholder, and what happens if you wait too long<\/h3>\n

When the officer will not call the funds \u2014 because the pr\u00e9sident is himself the defaulting parent, because co-shareholders are in a deadlock, or because the five-year maximum has expired in silence \u2014 article 1843-3 of the Civil Code<\/a> opens an urgent door. After recalling that each member is a debtor of what he promised to contribute, it provides: \u00ab En outre, lorsqu’il n’a pas \u00e9t\u00e9 proc\u00e9d\u00e9 dans un d\u00e9lai l\u00e9gal aux appels de fonds pour r\u00e9aliser la lib\u00e9ration int\u00e9grale du capital, tout int\u00e9ress\u00e9 peut demander au pr\u00e9sident du tribunal statuant en r\u00e9f\u00e9r\u00e9 soit d’enjoindre sous astreinte aux administrateurs, g\u00e9rants et dirigeants de proc\u00e9der \u00e0 ces appels de fonds, soit de d\u00e9signer un mandataire charg\u00e9 de proc\u00e9der \u00e0 cette formalit\u00e9. \u00bb Any interested person may ask the president of the court, sitting in urgent proceedings (r\u00e9f\u00e9r\u00e9<\/em>), either to order the directors, managers and officers, under a periodic penalty (astreinte<\/em>), to make the calls, or to appoint an agent to do so. \u201cAny interested person\u201d is wider than the company. A co-shareholder, a creditor, and in practice a member who wants the company to be able to file accounts or to go into solvent liquidation, can use it. In Paris the application goes to the president of the Tribunal de commerce de Paris. Elsewhere in \u00cele-de-France it goes to the president of the commercial court of the registered office.<\/p>\n

That urgent route has a limit that foreign litigants regularly miss. On 7 July 2009 the Commercial Chamber of the Cour de cassation, pourvoi no. 08-16.433<\/a>, quashed a Court of Appeal that had, on the basis of article 1843-3, paragraph 5, condemned a SARL manager to pay his own unpaid capital. The Court first restated the text: \u00ab Attendu qu’aux termes de ce texte, lorsqu’il n’a pas \u00e9t\u00e9 proc\u00e9d\u00e9 dans un d\u00e9lai l\u00e9gal aux appels de fonds pour r\u00e9aliser la lib\u00e9ration int\u00e9grale du capital, tout int\u00e9ress\u00e9 peut demander au pr\u00e9sident du tribunal statuant en r\u00e9f\u00e9r\u00e9 soit d’enjoindre sous astreinte aux administrateurs g\u00e9rants et dirigeants de proc\u00e9der \u00e0 ces appels de fonds, soit de d\u00e9signer un mandataire charg\u00e9 de proc\u00e9der \u00e0 cette formalit\u00e9 ; \u00bb It then held: \u00ab Attendu qu’en pronon\u00e7ant sur le fondement du texte susvis\u00e9 une condamnation \u00e0 lib\u00e9rer une part de capital social qu’il ne pr\u00e9voit pas, la cour d’appel l’a viol\u00e9 par fausse application ; \u00bb The r\u00e9f\u00e9r\u00e9 can force the call. It cannot, on that text, itself condemn a member to pay. Payment is a claim on the merits: an action to recover the unpaid contribution, brought by the company, by the agent appointed to make the call, or later by the liquidator. A foreign co-shareholder who only obtains an order \u201cto pay\u201d in urgent proceedings, without a call and without an action on the merits, has a document that the Cour de cassation has already broken once.<\/p>\n

Once a valid call has been ignored, the SAS has a statutory enforcement tool that the SARL does not copy in the same words. Article L. 228-27<\/a> provides: \u00ab A d\u00e9faut par l’actionnaire de lib\u00e9rer aux \u00e9poques fix\u00e9es par le conseil d’administration, le directoire ou les g\u00e9rants, selon le cas, les sommes restant \u00e0 verser sur le montant des actions par lui souscrites, la soci\u00e9t\u00e9 lui adresse une mise en demeure. Un mois au moins apr\u00e8s cette mise en demeure rest\u00e9e sans effet, la soci\u00e9t\u00e9 poursuit, sans aucune autorisation de justice, la vente desdites actions. \u00bb After a formal notice that remains ineffective for at least one month, the company sells the unpaid shares without a court order. Unlisted shares are sold at public auction. The defaulting shareholder remains liable for, or benefits from, the difference. Combined with L. 228-28, the company can sue the defaulter and the successive holders before, after or during that sale, for the sum due and for costs. A foreign parent that has stopped paying cannot hide behind a nominee holder; solidarity is the point of the text. For a SARL, recovery is the ordinary action against the member who subscribed the parts, on L. 223-7 and article 1843-3, plus whatever the articles say about exclusion. Do not import the SAS public auction into a SARL by analogy.<\/p>\n

Prescription is the last trap. Article 2224 of the Civil Code<\/a> provides: \u00ab Les actions personnelles ou mobili\u00e8res se prescrivent par cinq ans \u00e0 compter du jour o\u00f9 le titulaire d’un droit a connu ou aurait d\u00fb conna\u00eetre les faits lui permettant de l’exercer. \u00bb Personal actions lapse five years from the day the holder of the right knew or should have known the facts allowing him to exercise it. The company\u2019s action to recover unpaid capital is a personal action. The starting point is debated in the cases and turns on when the sum became due and when the company, through its officer, could act. A call that is never made does not freeze time forever; an officer who is also the defaulting shareholder cannot easily argue that the company \u201cdid not know\u201d. Conversely, a company that waits many years after a documented call, without interruption of prescription, can lose the claim. Interruption requires a legal cause (a summons, an acknowledgement of debt), not a friendly email. The 2016 seizure case shows that creditors will not wait for the company to get its file in order. The 2025 Aix judgment shows that a liquidator will not wait either. The foreign owner who wants to collect from a defaulting co-shareholder should issue the call, then, if needed, issue proceedings, rather than negotiate indefinitely while article 2224 runs.<\/p>\n

A last, uncomfortable, situation is the one in which the foreign owner is both the unpaid shareholder and the officer who should have called the funds. The r\u00e9f\u00e9r\u00e9 in article 1843-3 can then be used against him by a co-shareholder or a creditor. The action on the merits can be used by a later liquidator, as in Aix. A creditor can seize the unpaid fraction, as in the 2016 Bulletin decision. Paying now, with a clean bank trail, is cheaper than explaining later why the call was never made. If the company is already unable to pay its debts as they fall due, the unpaid capital is an asset of the insolvency estate. Paying it to a chosen creditor instead of to the company is a preference. Paying it to the company, on a formal call, is what the Code asks for.<\/p>\n

Evidence for a hearing, in Paris or elsewhere, is ordinary and often missing. Keep the articles, the subscription form, the deposit certificate, the officer\u2019s call, the notice, the bank statement, the register of members and, for a SAS share transfer, the order form or account transfer that starts the two-year clock in L. 228-28. Foreign documents need a sworn translation when they are filed or produced in court. Minutes signed only in English, with no French version, are a gift to the other side. The greffe and the Tribunal de commerce de Paris work in French. So does the INPI portal.<\/p>\n

Conclusion<\/h2>\n

Unpaid French share capital is not a paperwork detail that expires when the first Kbis is issued. In a SARL, at least one fifth of the cash must be paid at incorporation and the rest within five years, on the g\u00e9rant\u2019s call; new cash parts are void until that is done. In a SAS, at least half must be paid on subscription and the rest within five years, on the pr\u00e9sident\u2019s call; in-kind shares are paid at once. The five-year period is a maximum. Interest runs as of right from the day the sum was due. Any interested person can force a missing call in urgent proceedings, but that r\u00e9f\u00e9r\u00e9 does not itself condemn a member to pay. Payment is recovered on the merits, by the company, by a court-appointed agent or by a liquidator, and, in a SAS, with joint liability of successive holders and a statutory sale of the unpaid shares after notice.<\/p>\n

Creditors have their own key. The Cour de cassation has said that unpaid capital is a claim of the company against its members and that a creditor may seize it. A bank that cannot see a deposit certificate will treat the company as undercapitalised. The reduced 15 per cent rate of corporation tax is closed where the capital is not fully paid, and is in any event closed to most foreign corporate parents because of the 75 per cent individuals test. Simple negligence does not trigger a shortfall-of-assets action against a director; silence over an unpaid call while insolvency approaches is a fact pattern that has to be argued, not assumed away.<\/p>\n

A foreign owner who still wants the French vehicle should treat the next weeks as a closing checklist: reconstruct the subscribed, called and paid figures from the articles and the deposit certificate; have the g\u00e9rant or pr\u00e9sident issue a call that can be proved; pay from the named shareholder into the company\u2019s account; keep the statements; update the articles if they state the paid-up fraction; and send the pack to the bank before the bank asks. A foreign owner who is owed unpaid capital by a co-shareholder should not confuse the urgent order to call with the action to be paid, and should not let article 2224 run. A foreign owner who no longer wants the vehicle should reduce the capital or wind the company up, rather than leave an unpaid claim for a liquidator to collect. Silence is also a decision. It is the one that allows a creditor, a greffe or a court-appointed agent to finish the file.<\/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 articles, the deposit certificate and the call needed to bring a French SAS or SARL capital to a fully paid position from abroad.<\/p>\n

The discussion is built on your documents: current Kbis, articles of association, original deposit certificate, last accounts and any bank or bailiff letter that raised the unpaid capital.<\/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":"

Unpaid capital of a French SAS or SARL is a claim against the shareholders. 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