{"id":28704,"date":"2025-06-02T09:46:54","date_gmt":"2025-06-02T08:46:54","guid":{"rendered":"https:\/\/www.fbt-avocats.ch\/28697\/"},"modified":"2025-10-20T11:02:15","modified_gmt":"2025-10-20T10:02:15","slug":"is-there-implicit-subordination-of-shareholder-loans-made-to-a-company-in-difficulty","status":"publish","type":"post","link":"https:\/\/www.fbt-avocats.ch\/en\/is-there-implicit-subordination-of-shareholder-loans-made-to-a-company-in-difficulty\/","title":{"rendered":"Is there implicit subordination of shareholder loans made to a company in difficulty?"},"content":{"rendered":"<div  data-size='featured_large'  data-lightbox_size='large'  data-animation='slide'  data-conditional_play=''  data-ids='28694'  data-video_counter='0'  data-autoplay='false'  data-bg_slider='false'  data-slide_height=''  data-handle='av_slideshow'  data-interval='5'  data-class=' avia-builder-el-0  el_before_av_heading  avia-builder-el-first   '  data-css_id=''  data-scroll_down=''  data-control_layout='av-control-default'  data-custom_markup=''  data-perma_caption=''  data-autoplay_stopper=''  data-image_attachment=''  data-min_height='0px'  data-default-height='42'  class='avia-slideshow avia-slideshow-1  av-control-default av-default-height-applied avia-slideshow-featured_large av_slideshow  avia-builder-el-0  el_before_av_heading  avia-builder-el-first    avia-slide-slider '  itemprop=\"ImageObject\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\" ><ul class='avia-slideshow-inner ' style='padding-bottom: 52.333333333333%;' ><li  class=' av-single-slide slide-1 ' ><div data-rel='slideshow-1' class='avia-slide-wrap '   ><img src='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2025\/06\/subordination-shareholders-loan.png' width='1200' height='628' title='subordination-shareholders-loan' alt=''  itemprop=\"thumbnailUrl\"   \/><\/div><\/li><\/ul><\/div>\n<div style='padding-bottom:10px; font-size:25px;' class='av-special-heading av-special-heading-h1  blockquote modern-quote  avia-builder-el-1  el_after_av_slideshow  el_before_av_hr   av-inherit-size '><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Is there implicit subordination of shareholder loans made to a company in difficulty?<\/h1><div class ='av-subheading av-subheading_below  ' style='font-size:15px;'><p>Allnews &#8211; June 2025<br \/>\nMarco Villa<\/p>\n<\/div><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-2  el_after_av_heading  el_before_av_button  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<div class='avia-button-wrap avia-button-left  avia-builder-el-3  el_after_av_hr  el_before_av_hr  '><a href='https:\/\/www.fbt-avocats.ch\/wp-content\/uploads\/2025\/06\/Allnews_Marco-Villa_subordination-prets-actionnaires.pdf'  class='avia-button   avia-icon_select-no avia-color-theme-color avia-size-large avia-position-left '  target=\"_blank\"   ><span class='avia_iconbox_title' >Download pdf<\/span><\/a><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-4  el_after_av_button  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>Dans cette affaire, des personnes proches d\u2019une soci\u00e9t\u00e9, \u00e0 savoir certains de ses actionnaires et de ses administrateurs, avaient octroy\u00e9 des pr\u00eats \u00e0 la soci\u00e9t\u00e9 alors que celle-ci \u00e9tait en difficult\u00e9 financi\u00e8re. Quelque temps apr\u00e8s l\u2019octroi de ces pr\u00eats, la soci\u00e9t\u00e9 a fait faillite. Dans le cadre de la proc\u00e9dure de collocation des cr\u00e9ances, les pr\u00eateurs en question ont demand\u00e9 que leurs cr\u00e9ances soient colloqu\u00e9es en 3e classe. La masse en faillite s\u2019est pour sa part oppos\u00e9e \u00e0 cette collocation et a exig\u00e9 que lesdits pr\u00eats soient consid\u00e9r\u00e9s comme postpos\u00e9s.<\/p>\n<p>Le point n\u2019est pas sans incidence : si les cr\u00e9ances des personnes proches de la soci\u00e9t\u00e9 sont colloqu\u00e9es en 3e classe, avec les autres cr\u00e9anciers de m\u00eame rang, la part de ces derniers dans la distribution des deniers est dilu\u00e9e d\u2019autant, et, sous cet angle, les cr\u00e9anciers proches de la soci\u00e9t\u00e9 faillie sont avantag\u00e9s\u202f; \u00e0 l\u2019inverse, si leurs cr\u00e9ances sont postpos\u00e9es, et prennent rang apr\u00e8s les cr\u00e9ances colloqu\u00e9es en 3e classe, leur part \u00e0 la distribution peut \u00eatre tr\u00e8s significativement impact\u00e9e, alors que la position des autres cr\u00e9anciers en est am\u00e9lior\u00e9e.<\/p>\n<p>S\u2019il y a un accord formel entre le cr\u00e9ancier et la soci\u00e9t\u00e9 sur une subordination de la cr\u00e9ance, la question ne se pose pas. Mais le droit suisse ne traite pas express\u00e9ment de la question de savoir si et \u00e0 quelles conditions les pr\u00eats de personnes proches d\u2019une soci\u00e9t\u00e9 doivent \u00eatre trait\u00e9s implicitement comme de rang inf\u00e9rieur (postpos\u00e9s) en cas de faillite subs\u00e9quente de la soci\u00e9t\u00e9, ind\u00e9pendamment d\u2019une volont\u00e9 de subordination exprim\u00e9e par le pr\u00eateur. De tels pr\u00eats sont pourtant probl\u00e9matiques, puisqu\u2019ils peuvent maintenir artificiellement l\u2019activit\u00e9 de la soci\u00e9t\u00e9, au pr\u00e9judice de cr\u00e9anciers tiers (non proches de la soci\u00e9t\u00e9) pour leurs cr\u00e9ances d\u00e9j\u00e0 existantes ou nouvelles.<\/p>\n<\/div><\/section>\n<div style='padding-bottom:10px; font-size:25px;' class='av-special-heading av-special-heading-h2  blockquote classic-quote  avia-builder-el-6  el_after_av_textblock  el_before_av_hr   av-inherit-size '><h2 class='av-special-heading-tag '  itemprop=\"headline\"  >En fin de compte, ce n\u2019est que s\u2019il est d\u00e9montr\u00e9 que la soci\u00e9t\u00e9 est d\u00e9j\u00e0 surendett\u00e9e au moment du pr\u00eat par le proche que ce pr\u00eat doit alors \u00eatre consid\u00e9r\u00e9 (implicitement) comme subordonn\u00e9, et ne peut \u00eatre colloqu\u00e9 en 3e classe en cas de faillite subs\u00e9quente de la soci\u00e9t\u00e9.<\/h2><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-7  el_after_av_heading  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p>Le Tribunal f\u00e9d\u00e9ral rappelle d\u2019abord sa jurisprudence selon laquelle les pr\u00eats d\u2019actionnaires ou de proches ne sont pas, par nature, consid\u00e9r\u00e9s comme des fonds propres de la soci\u00e9t\u00e9.<\/p>\n<p>Sur la question de savoir si de tels pr\u00eats peuvent n\u00e9anmoins \u00eatre consid\u00e9r\u00e9s implicitement comme subordonn\u00e9s en cas de faillite, le Tribunal f\u00e9d\u00e9ral aborde la question sous trois angles diff\u00e9rents : l\u2019abus de droit, l\u2019existence d\u2019un accord implicite des pr\u00eateurs concern\u00e9s ou enfin une lacune de la loi que le Tribunal pourrait combler.<\/p>\n<p>S\u2019agissant d\u2019abord de l\u2019abus de droit, le Tribunal f\u00e9d\u00e9ral retient que l\u2019attitude de proches de la soci\u00e9t\u00e9 sollicitant leur collocation en 3e classe (par opposition \u00e0 une subordination) peut \u00eatre constitutive d\u2019un tel abus en fonction des circonstances. Selon le Tribunal f\u00e9d\u00e9ral, ne constituent pas des circonstances d\u00e9terminantes pour retenir un abus de droit le fait qu\u2019aucun tiers ext\u00e9rieur n\u2019aurait accord\u00e9 un tel pr\u00eat, ni le fait que seul un apport en capital \u2013 au moment o\u00f9 le pr\u00eat a \u00e9t\u00e9 effectu\u00e9 \u2013 aurait eu un effet assainissant, ni encore le fait que \u2013 toujours au moment o\u00f9 le pr\u00eat litigieux est octroy\u00e9 par le proche \u2013 la soci\u00e9t\u00e9 est en \u00e9tat de sous-capitalisation et que d\u2019autres mesures auraient donc d\u00fb \u00eatre prises par les actionnaires. En fin de compte, ce n\u2019est que s\u2019il est d\u00e9montr\u00e9 que la soci\u00e9t\u00e9 est d\u00e9j\u00e0 surendett\u00e9e au moment du pr\u00eat par le proche que ce pr\u00eat doit alors \u00eatre consid\u00e9r\u00e9 (implicitement) comme subordonn\u00e9, et ne peut \u00eatre colloqu\u00e9 en 3e classe en cas de faillite subs\u00e9quente de la soci\u00e9t\u00e9.<\/p>\n<p>Ensuite, en lien avec la constatation d\u2019une subordination implicite d\u00e9coulant d\u2019une interpr\u00e9tation de la volont\u00e9 des pr\u00eateurs, le Tribunal f\u00e9d\u00e9ral ne l\u2019exclut pas, mais souligne qu\u2019il doit r\u00e9sulter de l\u2019interpr\u00e9tation (objective) des d\u00e9clarations des pr\u00eateurs et de la soci\u00e9t\u00e9 qu\u2019une telle subordination a \u00e9t\u00e9 voulue. En l\u2019absence de telles d\u00e9clarations, on ne pourra en g\u00e9n\u00e9ral pas simplement d\u00e9duire que telle \u00e9tait la volont\u00e9 des pr\u00eateurs concern\u00e9s et de la soci\u00e9t\u00e9 du seul fait que la soci\u00e9t\u00e9 rencontrait notoirement des probl\u00e8mes de liquidit\u00e9s ou m\u00eame qu\u2019un risque s\u00e9rieux de faillite existait.<\/p>\n<p>Enfin, le Tribunal f\u00e9d\u00e9ral constate qu\u2019il n\u2019y a aucune lacune dans la r\u00e9glementation qu\u2019il lui appartiendrait de combler.<\/p>\n<p>En r\u00e9sum\u00e9, il ressort de cette d\u00e9cision que les pr\u00eateurs proches d\u2019une soci\u00e9t\u00e9 en difficult\u00e9 financi\u00e8re (actionnaires, administrateurs et autres proches) sont \u00e0 risque que leurs pr\u00eats \u00e0 la soci\u00e9t\u00e9 soient requalifi\u00e9s en pr\u00eats subordonn\u00e9s, mais seulement si, au moment des pr\u00eats concern\u00e9s, la soci\u00e9t\u00e9 est d\u00e9j\u00e0 surendett\u00e9e, ou si l\u2019on peut inf\u00e9rer de leurs d\u00e9clarations qu\u2019ils ont consenti \u00e0 une postposition. Si tel n\u2019est pas le cas, leurs cr\u00e9ances concourent en 3e classe sans \u00eatre subordonn\u00e9es.<\/p>\n<p>Cette d\u00e9cision a le m\u00e9rite de fixer un crit\u00e8re relativement clair (le surendettement) m\u00eame s\u2019il n\u2019est pas toujours ais\u00e9 de d\u00e9terminer le moment pr\u00e9cis auquel le surendettement survient.<\/p>\n<\/div><\/section>\n<div style='height:30px' class='hr hr-invisible   avia-builder-el-9  el_after_av_textblock  el_before_av_textblock  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<section class=\"av_textblock_section \"  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock  '   itemprop=\"text\" ><p style=\"text-align: right;\"><a href=\"https:\/\/www.fbt-avocats.ch\/en\/portfolio-item\/marco-villa\/\">Marco Villa<\/a><br \/>\nAssoci\u00e9, Gen\u00e8ve<\/p>\n<\/div><\/section>\n<div style='padding-bottom:10px; font-size:20px;' class='av-special-heading av-special-heading-h3  blockquote modern-quote modern-centered  avia-builder-el-11  el_after_av_textblock  el_before_av_hr   av-inherit-size '><h3 class='av-special-heading-tag '  itemprop=\"headline\"  >Partager sur LinkedIn<\/h3><div class='special-heading-border'><div class='special-heading-inner-border' ><\/div><\/div><\/div>\n<div style='height:50px' class='hr hr-invisible   avia-builder-el-12  el_after_av_heading  el_before_av_one_fifth  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding first  avia-builder-el-13  el_after_av_hr  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-14  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-15  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><div class='av-social-sharing-box  avia-builder-el-16  avia-builder-el-no-sibling   '><div class='av-share-box'><ul class='av-share-box-list noLightbox'><li class='av-share-link av-social-link-linkedin' ><a target='_blank' href='https:\/\/linkedin.com\/shareArticle?mini=true&amp;title=Is%20there%20implicit%20subordination%20of%20shareholder%20loans%20made%20to%20a%20company%20in%20difficulty%3F&amp;url=https:\/\/www.fbt-avocats.ch\/en\/is-there-implicit-subordination-of-shareholder-loans-made-to-a-company-in-difficulty\/' aria-hidden='true' data-av_icon='\ue8fc' data-av_iconfont='entypo-fontello' title='' data-avia-related-tooltip='Share on Linkedin'><span class='avia_hidden_link_text'>Share on Linkedin<\/span><\/a><\/li><\/ul><\/div><\/div><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-17  el_after_av_one_fifth  el_before_av_one_fifth  \" style='border-radius:0px; '><\/div>\n<div class=\"flex_column av_one_fifth  flex_column_div av-zero-column-padding   avia-builder-el-18  el_after_av_one_fifth  el_before_av_hr  \" style='border-radius:0px; '><\/div>\n<div style='height:50px' class='hr hr-invisible   avia-builder-el-19  el_after_av_one_fifth  avia-builder-el-last  '><span class='hr-inner ' ><span class='hr-inner-style'><\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Swiss Supreme Court has just handed down an interesting decision on the controversial question of whether and under what conditions loans from persons closely related to a company in difficulty are subordinated.<\/p>\n","protected":false},"author":26,"featured_media":28963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,655],"tags":[560],"datespeciale":[],"yst_prominent_words":[2029,1385,1761,1641],"class_list":["post-28704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media-and-news","category-news","tag-allnews-en","competences-corporate-and-commercial","auteurs-marco-villa-en","date-publication-2025-en","diffusion-groupe-societes-et-contrats-en","diffusion-medias-en","diffusion-news-en"],"_links":{"self":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/28704","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/comments?post=28704"}],"version-history":[{"count":0,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/posts\/28704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media\/28963"}],"wp:attachment":[{"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/media?parent=28704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/categories?post=28704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/tags?post=28704"},{"taxonomy":"datespeciale","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/datespeciale?post=28704"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.fbt-avocats.ch\/en\/wp-json\/wp\/v2\/yst_prominent_words?post=28704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}