{"id":5771,"date":"2012-04-27T12:51:46","date_gmt":"2012-04-27T12:51:46","guid":{"rendered":"https:\/\/gregorydamy.niceavocats.fr\/?p=5771"},"modified":"2023-08-02T11:20:13","modified_gmt":"2023-08-02T11:20:13","slug":"transfer-of-shares-instructions-for-use","status":"publish","type":"post","link":"https:\/\/gregorydamy.niceavocats.fr\/en\/transfer-of-shares-instructions-for-use\/","title":{"rendered":"Transfer of shares, instructions for use"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.19.5″ custom_margin=”||0px||false|false” custom_padding=”||0px||false|false” locked=”off” global_colors_info=”{}”][et_pb_row column_structure=”1_3,1_3,1_3″ _builder_version=”4.19.5″ _module_preset=”default” background_enable_mask_style=”on” background_mask_style=”wave” background_mask_color=”rgba(0,0,0,0.08)” custom_padding=”||6px|||” locked=”off” global_colors_info=”{}”][et_pb_column type=”1_3″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_3″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_circle_counter title=” Estimated reading time (in minutes)” number=”2″ percent_sign=”off” _builder_version=”4.20.2″ _module_preset=”default” title_font=”Amiri||||||||” max_width=”137px” global_colors_info=”{}”][\/et_pb_circle_counter][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.19.5″ _module_preset=”default” custom_margin=”||0px||false|false” custom_padding=”||0px||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.19.5″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_image _builder_version=”4.21.0″ _module_preset=”default” title_text=”Transfer-Of-Shares” src=”https:\/\/gregorydamy.niceavocats.fr\/wp-content\/uploads\/2012\/04\/Transfer-Of-Shares.jpg” hover_enabled=”0″ sticky_enabled=”0″][\/et_pb_image][et_pb_text admin_label=”Text” _builder_version=”4.21.0″ text_font=”Amiri||||||||” header_2_font=”Amiri||||||||” header_3_font=”Amiri||||||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

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The\u00a0<\/span>transfer of shares<\/span><\/a>\u00a0requires a certain number of guarantees, both for the purchaser and for the transferor.\u00a0The lawyer’s deed allows both parties to protect themselves against any disputes that may arise after the assignment.<\/span><\/p>\n

The importance of the spouse:<\/span><\/h2>\n

The transferor often forgets the impact of his matrimonial regime and the need to involve his spouse in the deed of transfer.\u00a0Indeed, even if the spouse is not a partner, he must consent to the deed of transfer and sign it, provided that he is married to the transferor under the regime of legal community and the transferor has no not use own assets for the acquisition of shares.\u00a0Failing this, the spouse may request the cancellation of the deed of transfer, even if the purchaser is in good faith.<\/span><\/p>\n

The approval procedure:<\/span><\/h2>\n

The transfer is valid only if it has been authorized according to the legal procedure of approval and in accordance with the statutory provisions.\u00a0The transfer project must then be notified by registered letter to each of the partners, who have a period of three months to decide.\u00a0The lawyer’s deed must mention compliance with the approval procedure and the fact that all the partners have approved the transfer.<\/span><\/p>\n

Guarantee commitments:<\/span><\/h2>\n

The lawyer must alert the assignor to the need to obtain the agreement of the creditors for the discharge of their suretyship commitment.\u00a0It is therefore necessary to provide for a substitution clause in the deed of transfer.\u00a0The buyer will then take responsibility for the transferor’s surety commitments.\u00a0In the absence of a substitution clause, the transferor remains committed as surety on everything he has transferred and can be sued.<\/span><\/p>\n

The distribution of dividends:<\/span><\/h2>\n

The deed of transfer must provide for the terms of distribution of the dividends to avoid any conflict.\u00a0In principle, unless otherwise agreed between the parties, the buyer is entitled to dividends not yet distributed on the day of the sale.\u00a0If the dividends are granted to the purchaser, an increase in the sale price must be considered for the part of the dividends that the seller should have received for the period preceding the sale.\u00a0This is all the more important when the transfer takes place in several stages.\u00a0In this case, the dividends paid to the transferee may be deducted from the balance of the transfer price to be paid.<\/span><\/p>\n

Hidden liabilities:<\/span><\/h2>\n

Acquirers are not always aware that by taking control of a company, they also inherit its liabilities.\u00a0The legal guarantee against latent defects does not cover the value of the securities transferred, but only their existence.\u00a0It is therefore necessary to provide for a contractual clause.\u00a0It can be a net asset guarantee clause, a price review clause, or a liability guarantee clause.\u00a0The latter is recommended because it aims to guarantee the buyer against any undisclosed liabilities at the date of the transfer and whose origin is prior to the sale.\u00a0In addition, it obliges the seller to guarantee the buyer against the reduction in value of the shares due to the undervaluation of the liabilities.\u00a0Another advantage: it has no ceiling, unlike the price review clause.<\/span><\/p>\n

Payment guarantees:<\/span><\/h2>\n

The transferor must be guaranteed with the act of lawyer against the insolvency of the purchaser, especially if the transfer is done in several stages with a staggered payment.\u00a0There are several types of warranty.\u00a0It is possible to include a resolutory clause which allows the transfer to be canceled in the event of incomplete payment.\u00a0The lawyer can also provide for the pledge of the shares, which allows the recovery of the shares in the event of incomplete payment.\u00a0It is also possible to include a bank guarantee commitment where the bank will replace the buyer in the event of default.<\/span><\/p>\n

DAMY Law Firm<\/span><\/a>\u00a0, Nice, Update 2022<\/span><\/p>\n<\/div>\n

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The\u00a0transfer of shares\u00a0requires a certain number of guarantees, both for the purchaser and for the transferor.\u00a0The lawyer’s deed allows both parties to protect themselves against any disputes that may arise after the assignment. The importance of the spouse: The transferor often forgets the impact of his matrimonial regime and the need to involve his spouse […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[295],"tags":[],"class_list":["post-5771","post","type-post","status-publish","format-standard","hentry","category-commercial-and-company-law"],"yoast_head":"\nTransfer of shares, instructions for use - Soci\u00e9t\u00e9 d'avocats Damy<\/title>\n<meta name=\"description\" content=\"Transfer of shares, instructions for use The transfer of shares requires a certain number of guarantees, both for the purchaser\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gregorydamy.niceavocats.fr\/en\/transfer-of-shares-instructions-for-use\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transfer of shares, instructions for use - 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