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All publications by Florence Grangerat

Florence Grangerat

Member of the Lyon Bar

26 May 2021

Public access to information entered in the register of beneficial owners

Since April 2021, some information relating to the beneficial owner(s) of unlisted companies and legal entities incorporated in France is now freely accessible via the website “DATA INPI” managed by the Institut National de la Propriété Industrielle (French National Institute of Industrial Property).

This information includes: The identity, month and year of birth, country of residence and nationality of the beneficial owners, as well as the nature and extent of the beneficial interests they hold in the relevant company or legal entity.

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30 October 2020

Share deal: What happens in case of seller’s omission in the representations intended to be exhaustive?

The decision of the Paris Court of Appeals of June 2, 2020[1] provides valuable insights into the interplay, sometimes complex, between the various agreements entered into between a seller and a purchaser of shares, which agreements generally include a promise of sale agreement subject to conditions precedent, a set of representations and warranties (called garantie d’actif et de passif under French law) and the final purchase agreement that acknowledges the fulfillment of the conditions precedent and the proper completion of the sale transaction.

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30 June 2020

Private equity in France: Preferred structures and protection mechanisms available to investors

In the unprecedented context of the health crisis created by the COVID-19 pandemic, private equity transactions slowed down sharply. Many funds have opted for a strategy aimed at focusing on their existing investment portfolio and supporting their investments to meet increased cash flow requirements.

This crisis also provides an opportunity to take a look back at a particularly dynamic year in 2019 for the French private equity investment market and to identify trends, both in terms of the investment methods hitherto favored by investors and in terms of the protection afforded to investors.

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29 April 2020

Covid-19: Extension of deadlines for the approval of the accounts of private law businesses

Adopted in furtherance of the Emergency Law No. 2020-290 of March 23, 2020 to deal with the Covid-19 epidemic, Ordinance No. 2020-318 dated March 25, 2020 adapting the rules relating to the preparation, closing, audit, review, approval and publication of accounts and other documents and information that private law legal persons and entities without legal personality are required to file or publish in the context of the covid-19 epidemic has introduced temporary exceptional derogations, particularly with regard to the approval of accounts.

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30 January 2020

Private Equity in France: Focus on available exit routes

Private equity involves the association of one or more entrepreneurs and one or more financial investors who provide financing to unlisted companies and even sometimes listed companies.

In private equity transactions, investors are expected to exit in the short or medium term. Several exit routes are available to capital investors: trade sale, transfer to the management team, sale to another investment fund or initial public offering.

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28 November 2019

PACTE Law: Softened conditions for operating a shareholder current account

The so-called PACTE Law No. 2019-486 of May 22, 2019 has streamlined the terms and conditions governing current account advances (i) by lifting the requirement under which the shareholders had to hold at least 5% of the company’s share capital on the one hand, and (ii) by legally recognizing the validity of current account advances made by Presidents of simplified joint stock companies and by general managers and deputy general managers of joint stock companies and simplified joint stock companies on the other hand.

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