Decree No. 2023-657, which entered into force on July 27, 2023, introduces a new regularization procedure applicable when a company records, at the end of a financial year, losses resulting in shareholders’ equity falling below half of the share capital.
Pour rappel, dans cette hypothèse, la règlementation impose aux associés (art. L.223-42 (SARL), L. 225-248 (SA), L.227-1 (SAS), L.226-1 (SCA) et L.229-1 (SE)) de décider, dans les quatre mois qui suivent l’approbation des comptes ayant fait apparaître la perte s’il y a lieu à dissolution anticipée de la société. Si la dissolution n’est pas prononcée, la société est alors tenue, au plus tard à la clôture du deuxième exercice suivant celui au cours duquel la constatation des pertes est intervenue, de reconstituer ses capitaux propres à concurrence d’une valeur au moins égale à la moitié de son capital social ou de réduire son capital social dans les mêmes proportions.
The Law of 9 March 2023 on various provisions adapting French law to European Union law in the fields of economy, health, labour, transport, and agriculture (known as the “DDADUE” Law) introduced an additional step by extending the regularization period to four financial years, in order to avoid the sanction of dissolution (any interested party may petition the court to dissolve the company in the event of non-compliance within the prescribed time frame). Thus, if by the end of the first two financial years, the company’s shareholders’ equity has not been restored to at least half of its share capital, and if the company’s share capital exceeds a threshold set by decree, the company is required—no later than the close of the second financial year following this initial period—to reduce its share capital to a value that is less than or equal to that threshold.
Decree No. 2023-657 now sets the thresholds provided for by the Law of 9 March 2023, defining the share capital limits beyond which, depending on the size of their balance sheet, companies are required to reduce their share capital if they have failed to restore their shareholders’ equity within the legal time frame following the recognition of its insufficiency.
For SARLs (private limited liability companies) and SASs (simplified joint-stock companies), the threshold is set at 1% of the company’s total balance sheet, as recorded at the close of the most recent financial year. For SAs (public limited companies), SCAs (partnerships limited by shares), and SEs (European companies), the threshold is determined as the higher of: 1% of the company’s total balance sheet at the end of the most recent financial year, and the statutory minimum share capital (set at €37,000 for SAs and SCAs, and €120,000 for SEs).
In this respect, the decree eases the existing regulatory framework and encourages companies to restore their shareholders’ equity through capital reductions under more flexible conditions.
It should be noted that shareholders’ equity may be restored either
y increasing the share capital or by reducing it through the absorption of recorded losses.
Thus, driven by a desire to align with European regulatory requirements, these new provisions relax the existing framework and aim to prevent an excessive risk of early dissolution for companies.
Pour obtenir des informations complémentaires concernant la régularisation des capitaux de votre société, nous vous invitons à prendre rendez-vous avec avocat spécialisé en droit des sociétés. Il est indispensable d’apprécier chaque situation au cas par cas afin de vous délivrer des conseils éclairés et mettre en place la solution la plus adaptée pour votre activité.
