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Modifications de comportement précédant la défaillance d’entreprise : l’impact des cessions d’actifs sur la relation de crédit

Listed author(s):
  • Régis BLAZY

    (CERPEM, Université de Paris Dauphine, France)

Le processus de défaillance d’une entreprise, lorsqu’il résulte d’une dégradation de ses performances économiques est affecté par les règles de partage qui prendront place en cas de liquidation. Il existe notamment , en cas de dégradation continue des résultats, des incitations conduisant l’entreprise à réduire son potentiel de croissance, par cession prématurée des actifs, afin de préserver la confiance des partenaires. Ce type de comportement, en retardant le défaut de paiement, risque d’accroître l’insuffisance d’actif et, par voie de conséquence, réduire le taux de recouvrement des créances. Néanmoins, en cas de difficulté temporaires, la politique de cession prématurée des actifs peut constituer un outil stratégique efficace contre le refus de prêt. Les résultats d’une enquête menée auprès du Tribunal de commerce de Paris entre 1993 et 1995 (données de 1991) confirment l’existence de telles cessions d’actifs : en retardant le déclenchement de la procédure collective, elles constituent un obstacle au redressement des entreprises.

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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1999024.

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Length: 50
Date of creation: 01 Jun 1999
Handle: RePEc:ctl:louvre:1999024
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