Capital reduction not driven by losses
Creditors' opposition, equal treatment of shareholders and tax treatment of returned amounts in a French capital reduction not driven by losses.
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Capital reduction not driven by losses
Updated March 2026 - A capital reduction not driven by losses is generally used to return capital, reorganise shareholding or prepare a shareholder exit.
Key issues
The main risks are creditors' opposition rights, equal treatment between shareholders and the tax qualification of returned amounts.
See also SAS capital increase, SARL or SAS and contribution auditor in SAS or SARL.
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Conclusion
This is not just a treasury move. It is a legal and tax transaction that needs to be documented carefully.
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Article written by Samuel HAYOT
Chartered Accountant, registered with the Institute of Chartered Accountants.
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