Better-fortune clause in French law: definition, drafting, accounting and tax treatment
The better-fortune clause in French restructuring law: how it works, how to draft effective trigger conditions, accounting treatment for creditor and debtor under ANC regulation 2022-06, and the French tax rules that really apply to debt waivers (CGI art. 39, 13 and 209 I).
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Quick answer: what is a French better-fortune clause and how do you make it enforceable?#
A better-fortune clause lets a French creditor waive all or part of a debt while keeping a conditional right to repayment. It is a conditional obligation (art. 1304 Civil Code) and the repayment obligation is void where the trigger depends on the debtor's sole will (art. 1304-2). For financial years beginning on or after 1 January 2025 the waiver is booked in ordinary profit or loss, not exceptional.
The better-fortune clause (clause de retour à meilleure fortune) is a contractual mechanism used primarily in financial difficulty situations. It allows a creditor to grant an immediate concession (partial debt waiver, payment suspension) while retaining a conditional right to recover that concession if the debtor's financial situation improves. Its effectiveness depends entirely on drafting precision, accounting rigour and an understanding of the French tax rules that govern debt waivers.
Legal definition#
The better-fortune clause is a contractual provision under which a debtor in financial difficulty undertakes to repay all or part of an abandoned or suspended debt as soon as their financial situation permits. It is grounded in French contract law (articles 1102 et seq. of the Civil Code, as reformed by the 2016 ordonnance) and constitutes a conditional obligation within the meaning of article 1304 C. civ.: the repayment obligation is suspended until a future and uncertain event, the return to better fortune, is realised.
It must be distinguished from:
- a pure debt waiver (remise de dette), which extinguishes the debt permanently without any return condition;
- a novation, which replaces one obligation with a new one;
- a subordination agreement, which adjusts the priority ranking between creditors without erasing the debt itself.
When is it used?#
The clause appears in three main contexts in French practice.
Amicable proceedings (mandat ad hoc, conciliation). Under the Book VI pre-insolvency framework of the Code de commerce, parties negotiate a confidential restructuring agreement. The creditor (a supplier, a bank, or a shareholder making an advance) accepts a partial debt waiver conditional on a future better-fortune recovery. This structure is common in conciliation agreements sanctioned by the court (homologué, article L611-8 of the Commercial Code).
Court-approved safeguard and reorganisation plans. French courts have consistently upheld the validity of the clause in approved plans (plans de sauvegarde and plans de redressement). It allows creditors to accept significant write-downs without permanently losing their claim, which facilitates adoption by the classes de parties affectées. Creditor committees were abolished by ordonnance no. 2021-1193 of 15 September 2021, adopted to implement EU Directive 2019/1023 of 20 June 2019, and replaced by these classes for proceedings opened on or after 1 October 2021.
Bilateral restructuring agreements. Between a company and a private creditor (landlord, strategic supplier, shareholder making a loan), the clause is inserted into a transactional protocol or an amendment to the original contract to organise a conditional waiver or payment deferral.
Legal basis#
The clause derives its validity from contractual freedom (art. 1102 C. civ.) and the binding force of contracts (art. 1103 C. civ.). Its conditional character subjects it to articles 1304 et seq. of the Civil Code. Since the 2016 ordonnance, the only requirement bearing on the condition itself is now lawfulness: « La condition doit être licite. A défaut, l'obligation est nulle » (art. 1304-1 C. civ.). The former requirement that the condition be possible, in old article 1172, has been repealed. More importantly, article 1304-2 C. civ. provides that an obligation contracted under a condition whose fulfilment depends on the sole will of the debtor is void. That is the number one risk attached to a better-fortune clause: a trigger left entirely in the debtor's hands, for instance "if the debtor decides to distribute a dividend", voids the repayment obligation. Drafting precision is not itself a validity requirement, but imprecision is what feeds litigation.
Within insolvency proceedings, article L620-1 of the Code de commerce opens safeguard proceedings for a debtor who, without being in cessation des paiements, faces difficulties it cannot overcome; the rules governing the plan itself sit in articles L626-1 et seq. The vocabulary matters: a court arrête (approves) a safeguard or reorganisation plan, whereas it homologue (sanctions) a conciliation agreement under article L611-8 C. com., the president of the court being able simply to constater (record) that agreement so as to make it enforceable.
Can the trigger depend on the debtor alone?+
No. Article 1304-2 of the French Civil Code provides that an obligation contracted under a condition whose fulfilment depends on the sole will of the debtor is void. A trigger drafted as "if the company decides to distribute a dividend" is purely potestative and the repayment obligation collapses. The condition must rest on a measurable fact outside the debtor's discretion: net income, free cash-flow, a completed refinancing, an asset disposal.
Recorded, sanctioned, approved: what is the difference?+
Article L611-8 of the Code de commerce sets out two regimes for a conciliation agreement: the president of the court records it (constate) on the joint application of the parties and makes it enforceable (paragraph I); the court sanctions it (homologue, paragraph II) where the debtor is not in cessation des paiements or the agreement puts an end to it, where the agreement secures the continuation of the business, and where it does not prejudice the interests of non-signatory creditors. In safeguard and reorganisation the court sanctions nothing: it approves a plan (arrête). The distinction is not cosmetic, since the favourable tax regime targets agreements that are "recorded or sanctioned".
When does the clause go before classes of affected parties?+
Classes are mandatory only above the thresholds of article R626-52 of the Code de commerce: 250 employees and EUR 20,000,000 of net turnover, or EUR 40,000,000 of net turnover, assessed at the date of the application to open proceedings. Below those thresholds the juge-commissaire may authorise their use at the debtor's request. Classes vote within twenty to thirty days of the transmission of the draft plan, by a two-thirds majority of the votes held by the members casting a vote (art. L626-30-2 C. com.).
Drafting an effective better-fortune clause#
A vague clause is the primary source of disputes. Rigorous drafting must cover four elements.
1. The trigger events. The clause must define precisely what constitutes the "return to better fortune." The most defensible criteria are: free cash-flow exceeding a defined threshold over a closed financial year; positive net income for two consecutive financial years; the completion of a bank or bond refinancing above a certain amount; or a significant asset disposal. Leaving the assessment to judicial appreciation in the absence of precise criteria is expensive, slow and unpredictable.
2. The observation period. The clause must specify over what timeframe the criteria are evaluated: year by year, or over a rolling three-year window, for example. Without precision, the debtor and creditor may have divergent interpretations of when the condition should be considered satisfied.
3. The amount and calculation of the return. The clause must specify: the maximum returnable amount (capped or uncapped), the calculation method (percentage of net income, fraction of excess cash-flow, fixed amount), and the instalment schedule if the return to better fortune is expected to be gradual.
4. The debtor's information obligations. The creditor must have access to the information needed to verify whether the criteria are met. The clause should require the debtor to provide annual certified financial statements, interim management accounts, and notice of any trigger event (refinancing, disposal) within a defined period.
Model better-fortune clause (template to adapt)#
The template below is a drafting frame, to be adapted to each file and reviewed before signature. It brings together the five points whose absence feeds litigation: an objective, quantified trigger, a calculation base, a cap, a duration, and the fate of the clause in insolvency proceedings.
Article X. Return to better fortune
X.1 Waiver. The Creditor waives, for the benefit of the Debtor, the sum of [amount] euros in respect of [nature of the claim], subject to the right of return stipulated below.
X.2 Trigger. A return to better fortune is deemed to have occurred in respect of a financial year where, cumulatively: (i) the Debtor's net accounting income, as shown in the approved annual accounts, exceeds EUR [threshold]; and (ii) the Debtor's equity has returned above one half of its share capital. Fulfilment of the condition is established from the approved annual accounts, and the Debtor may not delay their approval beyond the statutory deadlines.
X.3 Basis and cap. The Debtor shall pay the Creditor [percentage] % of the net income of each financial year in respect of which the condition is fulfilled, up to a cumulative limit equal to the waived amount referred to in article X.1.
X.4 Duration. This right of return is granted for a period of [n] financial years ending on or after [date]. On expiry of that term the waiver becomes final and the Creditor holds no further right in respect of the waived sum, whatever the Debtor's financial position.
X.5 Information. The Debtor shall provide the Creditor with its annual accounts within [n] days of their approval, and shall notify any event referred to in article X.2 within [n] days of its occurrence.
X.6 Insolvency proceedings. Should safeguard, reorganisation or judicial liquidation proceedings be opened in respect of the Debtor, the Creditor shall declare its claim on the basis of an estimate, in accordance with article L622-24 of the Code de commerce.
Is the trigger valid? Five drafting options tested#
Article 1304-2 of the Civil Code is the red line: an obligation contracted under a condition whose fulfilment depends on the sole will of the debtor is void. A trigger left in the debtor's hands does not merely weaken the clause, it voids the repayment obligation.
| Trigger as drafted | Valid? | Why |
|---|---|---|
| "if the company decides to distribute a dividend" | No | Purely potestative: the distribution flows from a decision of the Debtor's own corporate bodies (art. 1304-2 Civil Code). |
| "if the Debtor considers that its financial position allows it" | No | The same defect, made worse: the assessment itself is entrusted to the debtor alone. |
| "if net accounting income exceeds EUR 250,000 in a closed financial year" | Yes | A measurable fact, established by the approved annual accounts, independent of the debtor's sole will. |
| "if the Debtor obtains bank refinancing above EUR 1,000,000" | Yes | Fulfilment depends on a third-party lender, not on the debtor alone. |
| "if the Debtor returns to better fortune" | Valid, but avoid | The condition is not potestative, so the clause is not void; the vagueness simply hands the assessment to the court. This is the leading source of litigation. |
The last row is worth reading twice: imprecise drafting is not a ground of nullity, only potestativity is. A vague clause remains valid, and expensive.
How long should a better-fortune clause last?#
No statute sets a maximum duration for a better-fortune clause: the parties must stipulate one, and this is the most frequent omission. Three reasons not to leave it open-ended.
First, article 1210 of the Civil Code prohibits perpetual commitments and allows each contracting party to terminate an open-ended commitment on the terms applicable to contracts of indefinite duration. A clause without a term is analysed as an open-ended commitment that the debtor may terminate unilaterally on reasonable notice. A creditor who thinks it is protecting itself by stipulating no duration achieves the opposite.
Second, limitation does not provide the safety net people assume. Article 2233 of the Civil Code provides that limitation does not run in respect of a claim that depends on a condition, until the condition occurs. As long as the return to better fortune does not happen, time does not start to run: the right of return does not extinguish itself through the mere passage of time.
Third, a clause without a term prevents the debtor from closing the matter. The conditional debt must still be disclosed in the notes to the accounts, which weighs on how a banker, an investor or a buyer reads the financial position.
In practice the duration follows the turnaround horizon. Where the clause sits inside a safeguard or reorganisation plan it has a natural ceiling: article L626-12 of the Code de commerce provides that the duration of the plan is set by the court and may not exceed ten years, or fifteen years where the debtor carries on an agricultural activity. Stipulating a term longer than the plan itself exposes the clause to outliving the arrangement that justified it. On expiry of the term, where the clause expressly so provides, the waiver becomes final: the creditor loses its right of return, even if the debtor prospers the next day. That is precisely why the term should be negotiated rather than endured.
Distinction from neighbouring mechanisms#
Pure debt waiver: the debt is permanently extinguished, no conditions attached. The creditor recognises a loss. Accounting entry: charge in the creditor's accounts.
Novation: the original obligation is replaced by a new one. A better-fortune clause does not novate the debt: it suspends or conditionally reduces it.
Debt subordination: the subordinated creditor accepts to be paid after priority creditors, but the debt is not erased. Both mechanisms can be combined in a complex restructuring agreement.
Accounting treatment: how to account for the waiver and the return to better fortune#
For the creditor. Where recovery becomes uncertain, the receivable is written down through an impairment (dépréciation), not a "provision": the French chart of accounts reserves that term for liabilities of uncertain timing or amount. The entry is account 491 "Dépréciations des comptes de clients" against account 68174 "Créances". When the waiver is granted, the receivable is derecognised and the loss is expensed. Caution: for financial years beginning on or after 1 January 2025 (ANC regulation no. 2022-06 of 4 November 2022), that expense is no longer exceptional. New article 513-5 of the PCG restricts exceptional profit or loss to "income and expenses directly linked to a major and unusual event", and accounts 671, 771, 6788 and 7788 have been removed from the chart of accounts. A waiver negotiated in a restructuring therefore belongs to ordinary profit or loss: operating (654 "Pertes sur créances irrécouvrables" or 658) where the waiver is commercial, financial (664 "Pertes sur créances liées à des participations" or 668) where it is financial. When the better-fortune condition is later met, the creditor recognises income, taxable only up to the amounts originally deducted.
For the debtor. As long as no waiver has been granted, the debt remains on the balance sheet at its original amount. Once the waiver is agreed, French tax doctrine analyses the operation as the extinction of the original obligation, hence the recognition of a gain, coupled with the creation of a new obligation subject to a condition precedent. For financial years beginning on or after 1 January 2025 that gain is recognised in ordinary profit or loss: account 758 "Indemnités et autres produits" for a commercial waiver, account 768 "Autres produits financiers" for a financial one. Accounts 771 and 7788 no longer exist in the chart of accounts introduced by ANC regulation no. 2022-06.
Where the waiver is booked since ANC regulation 2022-06#
| Situation | Creditor | Beneficiary (debtor) |
|---|---|---|
| Receivable becomes doubtful, before any waiver | Impairment: account 68174 against 491 | Debt kept on the balance sheet at its original amount |
| Waiver of a commercial character | 654 "Pertes sur créances irrécouvrables" or 658, in operating profit or loss | 758 "Indemnités et autres produits", in operating profit or loss |
| Waiver of a financial character | 664 "Pertes sur créances liées à des participations" or 668, in financial profit or loss | 768 "Autres produits financiers", in financial profit or loss |
| Better-fortune condition met | Income recognised by the creditor, taxable only up to the amounts originally deducted | Repayment expense, deductible only up to the gain previously taxed |
Applicable to financial years beginning on or after 1 January 2025 (ANC regulation no. 2022-06 of 4 November 2022, article 27), with early application allowed since its publication. Accounts 671, 771, 6788 and 7788 have been removed from the chart of accounts: none of these entries goes through exceptional profit or loss any more, article 513-5 of the PCG now restricting it to "income and expenses directly linked to a major and unusual event".
Tax treatment#
For the debtor. A debt waiver is in principle a taxable gain for corporate income tax purposes, recognised in ordinary profit or loss for financial years beginning on or after 1 January 2025. The relief is not found in article 209 II of the Code général des impôts (CGI), which deals with the transfer of carried-forward losses in mergers, but in article 209 I. It is not an option to be elected in the tax return: it raises the cap on the use of carried-forward losses. The standard cap is EUR 1,000,000 plus 50% of the taxable profit for the year above that first amount. For companies granted debt waivers "under an agreement recorded or sanctioned in the conditions provided for by article L. 611-8 of the Code de commerce, or in safeguard, reorganisation or judicial liquidation proceedings opened in their name", that EUR 1,000,000 limit is increased by the amount of those waivers. The measure applies to financial years ending on or after 31 December 2012 and covers every waiver granted in that procedural context, whatever its nature: a purely bilateral protocol signed outside any proceedings does not qualify. Where the better-fortune clause is later triggered, the expense booked by the debtor is deductible only up to the portion of the gain previously included in its taxable income (BOI-IS-BASE-10-10-30).
For the creditor. Since article 17 of law no. 2012-958 of 16 August 2012, applicable to aid granted on or after 4 July 2012, article 39, 13 of the CGI excludes from deductible expenses "aid of any kind granted to another undertaking, with the exception of aid of a commercial character". A financial waiver is therefore non-deductible as a matter of principle, with no net-asset test. The only way out is procedural: aid granted under an agreement recorded or sanctioned pursuant to article L611-8 C. com., or to an undertaking subject to safeguard, reorganisation or judicial liquidation proceedings. Only inside that exception does the net-asset test operate: the deduction is allowed up to the beneficiary's negative net assets and, for the amount exceeding those negative net assets, in proportion to the shareholdings held by persons other than the company granting the aid. The practical consequence for a wholly owned subsidiary is decisive: no deduction beyond the negative net assets. Commercial waivers remain deductible where the loss is definitive and substantiated. Impairment of the receivable follows article 39, 1, 5° of the CGI: it covers losses or expenses that are "clearly specified and rendered probable by events in progress", provided they have actually been recorded in the accounts of the financial year.
Common misconceptions and the rules that actually apply#
| Common misconception | Applicable rule |
|---|---|
| "Article 209 II CGI offers an election to set the waiver against tax losses" | Article 209 II governs the transfer of carried-forward losses in mergers. The relevant text is article 209 I: it increases the loss-utilisation cap (EUR 1,000,000 plus 50% of the excess) by the amount of waivers granted under an L611-8 agreement or in insolvency proceedings. No election is required. |
| "A financial waiver is deductible as soon as the beneficiary has negative net assets" | Since 4 July 2012, article 39, 13 CGI excludes non-commercial aid as a matter of principle. The net-asset test operates only inside the procedural exception, and the excess is deductible only in proportion to the shareholdings held by the other shareholders. |
| "The creditor is taxed on everything it recovers" | It is taxable only on the amounts it originally deducted; on a partial repayment, in the ratio of the deduction taken to the amount of the waived claim (BOI-BIC-BASE-50-20-10). |
| "The debtor re-deducts in full whatever it repays" | The expense is deductible only up to the portion of the gain previously included in its taxable income (BOI-IS-BASE-10-10-30). |
| "The parent-subsidiary regime changes nothing" | Article 216 A CGI neutralises, at subsidiary level, the portion that is non-deductible for the parent, provided the subsidiary increases its capital for the parent's benefit by at least the amount of the waiver, before the close of the second financial year following the year of the waiver. |
The commercial or financial character is a matter of tax doctrine: a waiver is commercial where it originates in trading relations between two undertakings and aims to maintain outlets or preserve sources of supply; it is financial where the nature of the claim and the links between the companies exclude any trading relationship. Where the elements are mixed, the character of the waiver is determined mainly by the motives that led to it.
Typical case (representative example)#
The two situations below are illustrative figures built to show the mechanism. Neither describes a real engagement.
SME in difficulty and a supplier (representative example). A manufacturing SME accumulates EUR 180,000 in overdue payments to its main raw materials supplier. Rather than initiating collection proceedings (with the risk of triggering the debtor's liquidation), the supplier agrees to a protocol waiving EUR 60,000 with a better-fortune clause: if the SME's net income is positive for two consecutive years, it will repay an additional EUR 40,000. For this structure to qualify for the favourable regime, the protocol must be signed within a conciliation recorded or sanctioned under article L611-8 C. com. Outside any proceedings, the waiver is deductible for the supplier only because of its commercial character, and the SME gets no increase in its loss-carryforward cap. The supplier impairs then derecognises the EUR 60,000 receivable; the SME recognises the corresponding gain in ordinary profit or loss (account 758).
SAS in restructuring and bank creditor. A digital services company, heavily indebted following an acquisition, negotiates with its bank a restructuring plan including a 30% write-down of the outstanding loan principal, with a better-fortune clause triggered by free cash-flow exceeding EUR 500,000 for two consecutive financial years. The clause is validated by the commercial court in a conciliation agreement sanctioned under article L611-8 of the Commercial Code.
Limits and risks#
The clause has several practical limitations. The main one is the difficulty of proof: establishing whether or not the better-fortune criteria are met may require contradictory accounting expertise. There is also the risk of judicial challenge: if criteria are vague, the debtor may contest that the condition has been satisfied, requiring court proceedings. Finally, in the event of the debtor's judicial liquidation before the better-fortune condition is realised, the conditional claim is neither lodged "against the liabilities" nor filed at its original amount: it is declared to the mandataire judiciaire or the liquidator, and article L622-24 of the Code de commerce states that claims "whose amount is not yet definitively fixed are declared on the basis of an estimate". Effective recovery does remain uncertain.
Hayot Expertise advice: a poorly drafted better-fortune clause protects neither the creditor nor the debtor. It merely relocates the dispute. We support companies and their advisors in drafting the trigger conditions, modelling the tax treatment and coordinating with legal counsel in amicable proceedings and restructuring plans.
See also debt collection and recovery, financial valuation methodologies and withdrawal of pre-emptive rights.
How long does a creditor have to file its claim?+
Two months from publication of the opening judgment in the BODACC, increased by two months for creditors not resident in metropolitan France (art. R622-24 C. com., by cross-reference from article L622-26). After that period the creditor is time-barred. A claim whose amount is not yet definitively fixed is declared on the basis of an estimate (art. L622-24 C. com.), with the mandataire judiciaire or the liquidator, not "against the liabilities".
Want to structure a better-fortune clause in a restructuring agreement?#
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Conclusion#
The better-fortune clause is a valuable tool in financial difficulty situations, provided it is precisely drafted, accounted for with rigour and fiscally optimised. Its effectiveness depends on the quality of the trigger criteria, the clarity of the observation period and the robustness of the information mechanism. A vague clause generates disputes; a well-constructed clause is a durable restructuring instrument.
Frequently asked questions
What triggers the "return to better fortune"?+
The parties define the contractual triggers freely: positive free cash-flow exceeding a threshold, net income for several consecutive years, completed refinancing, significant asset disposal. Without precise criteria in the clause, assessment falls to judicial discretion based on the debtor's objective financial capacity, a source of uncertainty and litigation.
How is a debt waiver linked to a better-fortune clause taxed?+
For the debtor, the waiver is in principle a taxable gain for corporate income tax purposes, recognised in ordinary profit or loss since ANC regulation no. 2022-06. There is no election to make: article 209 I of the CGI increases the cap on the use of carried-forward losses (EUR 1,000,000 plus 50% of the excess) by the amount of waivers granted under an agreement recorded or sanctioned pursuant to article L611-8 C. com., or in safeguard, reorganisation or judicial liquidation proceedings opened in the company's name. Outside that procedural framework, the gain is absorbed by losses under the ordinary rules only.
Is the better-fortune clause used in French insolvency proceedings?+
Yes. It is frequently found in court-approved safeguard and reorganisation plans. French case law validates the principle: it allows the creditor to avoid permanently losing their claim while giving the debtor a genuine chance of recovery, which facilitates adoption of plans by the classes de parties affectées that replaced creditor committees on 1 October 2021.
How should a creditor account for a receivable covered by a better-fortune clause?+
The creditor impairs the receivable (account 491 against 68174) while recovery is uncertain and, when the waiver is granted, derecognises it: the impairment is reversed at that point and the loss is recognised as an ordinary expense (654 or 658 for a commercial waiver, 664 or 668 for a financial one). If better fortune later materialises, the creditor recognises income, taxable only up to the amounts originally deducted. The debtor keeps the debt on the balance sheet until the waiver, then recognises the gain in account 758 or 768. For financial years beginning on or after 1 January 2025, none of these entries goes through exceptional profit or loss.
Is a shareholder's waiver of a current-account advance deductible?+
Not as a rule. Waiving a shareholder current-account advance is financial in character, and article 39, 13 of the CGI excludes from deductible expenses aid of any kind granted to another undertaking, other than aid of a commercial character. Deduction is available only where the aid is granted under an agreement recorded or sanctioned pursuant to article L611-8 of the Code de commerce, or to an undertaking subject to safeguard, reorganisation or judicial liquidation proceedings. Even then it is allowed up to the beneficiary's negative net assets and, beyond that, only in proportion to the shareholdings held by the other shareholders: a wholly owned subsidiary therefore yields no further deduction.
How long does a better-fortune clause last?+
No statute sets a maximum duration: the term is the one the parties stipulate, and stipulating none works against the creditor. Article 1210 of the Civil Code prohibits perpetual commitments and lets each contracting party terminate an open-ended commitment, while article 2233 provides that limitation does not run in respect of a claim that depends on a condition until that condition occurs, so the right of return does not extinguish itself through the mere passage of time. Where the clause sits inside a safeguard or reorganisation plan, the duration of the plan is set by the court and may not exceed ten years, or fifteen years where the debtor carries on an agricultural activity (art. L626-12 Code de commerce). This should not be confused with the deadline for filing a claim in insolvency proceedings, which is two months from publication of the opening judgment in the BODACC (art. R622-24 Code de commerce).
How do you account for a return to better fortune?+
Two symmetrical entries, in ordinary profit or loss for financial years beginning on or after 1 January 2025 (ANC regulation no. 2022-06). For the creditor, fulfilment of the condition gives rise to income, taxable only up to the amounts originally deducted and, on a partial repayment, in the ratio of the deduction taken to the amount of the waived claim (BOI-BIC-BASE-50-20-10). For the debtor, the repayment is booked as an expense, deductible only up to the portion of the gain previously included in its taxable income (BOI-IS-BASE-10-10-30). None of these entries goes through exceptional profit or loss: accounts 671, 771, 6788 and 7788 have been removed from the chart of accounts.
Article written by Samuel HAYOT
Chartered Accountant, registered with the Institute of Chartered Accountants. Certified Pennylane trainer.
Regulated French accounting and audit firm based in Paris 8, built to support companies across France with a digital and decision-oriented approach.
Sources
Official and operational sources cited for this page.
- Légifrance - Article 1102 du Code civil (liberté contractuelle)
- Légifrance - Article 1103 du Code civil (force obligatoire)
- Légifrance - Articles 1304 et suivants du Code civil (obligation conditionnelle)
- Légifrance - Article L620-1 du Code de commerce (sauvegarde)
- Légifrance - Article 209, I du CGI (report en avant des déficits)
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