WHAT ARE THE AVAILABLE ASSETS
AND CURRENT LIABILITIE?

AVAILABLE ASSETS

Available assets is a notion used in a specific way for a financially struggling company under insolvency law.

Available assets only concern the sums that he company can dispose of without delay and that enable it to make immediate payments.

Only the notion of immediacy prevails to qualify an asset as available.

It is assessed on the day the Court or the Court of Appeal rules (and not on the day the collective procedure is opened)

THE FOLLOWING ARE INCLUDED IN THE AVAILABLE ASSETS:
  • Cash and credit reserves
  • An uncashed bank check
  • A sum contributed by a partner and placed in escrow and constituting a credit reserve
  • The item "trade receivables" if there is evidence of an imminent prospect of collection
  • Matured or discountable commercial paper
  • Current account advances (neither blocked nor claimed) granted by the partners
BUT ALSO:
  • Cash advances from a company to its subsidiary (neither blocked nor claimed)
  • The credit balance of an account opened by the company abroad
  • A credit reserve granted by a company to another company in which it held half the capital
  • Funds placed in escrow with a notary pending the discharging of mortgages
  • Authorized account overdrafts, overdraft facilities and Dailly mobilization lines (not denounced by the bank that granted them)
  • Funds brought in by the manager, by a partner or the parent company
  • The VAT credit

ARE NOT TAKEN INTO ACCOUNT
INTHE AVAILABLE ASSETS:

  • A building yet not sold
  • Receivables to be collected (except if they are immediately
    due)
  • A receivable to be collected (unless it is easily and quickly collected)
  • Equipment or stock constituting tangible assets
  • Movable assets
  • Unpaid share capital
  • Commercial assets
  • Real estate assets subject to mortgages and pledges which can only be realized in the future
  • Funds immobilized at the Caisse des dépôts et consignations at the request of the tax authorities
  • Movable objects
  • Participations and claims on subsidiaries
  • Claims on other companies even if they are part of the same group
  • A disputed claim
  • Trade receivables and related accounts
  • A firm order book
  • A first demand guarantee
  • Repayments that are simply expected and for which the date is not precisel known78

WE ARE APARTNER IN THE LIFE OF YOUR BUSINESS

  • Current liabilities are the total undisputed debts due immediately (when they fall due): this is the payment that a creditor is entitled to demand immediately.
CURRENT LIABILITIES INCLUDE:
  • Any debt that is not subject to a moratorium or payment facilities
  • Debts for which payment can be demanded immediately without waiting for a term or the fulfilment of a condition

ARE NOT TAKEN INTO ACCOUNT
INTHE CURRENT LIABILITIES

  • Debts subject to a moratorium
  • Debts with a term, whether the term results from the law, an agreement or a court decision
  • Debts made payable by the judgment of judicial liquidation
  • A tax debt is not due and payable if the debtor who is liable for it has filed a claim with a request for suspension
  • The Partners’ current accounts
  • Long and medium term loans
  • Unclaimed debts
  • Authorized and renewable bank loans
  • Debts of the company that have not yet matured

CESSATION OF PAYMENTS

  • The cessation of payments is a central concept in the law of companies in difficulty. It is the triggering moment from which the law considers that the company must be judicially supervised, i.e. from which a procedure must necessarily be opened.
  • The cessation of payments entails obligations for the debtor and sets deadlines for compliance.
  • The company director is obliged to apply for collective proceedings and to make his declaration of cessation of payments within a maximum of 45 days.

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