{"id":8952,"date":"2026-03-23T10:54:38","date_gmt":"2026-03-23T10:54:38","guid":{"rendered":"https:\/\/rfblegal.co.uk\/?post_type=insight&#038;p=8952"},"modified":"2026-04-07T11:04:59","modified_gmt":"2026-04-07T11:04:59","slug":"qa-titre-a-contrepartie-differee","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/fr\/perspectives\/qa-deferred-consideration-security\/","title":{"rendered":"Q&amp;R : Consid\u00e9ration diff\u00e9r\u00e9e et s\u00e9curit\u00e9\u00a0"},"content":{"rendered":"<h2 class=\"wp-block-heading\"><strong>Q. Qu'entend-on par \u00ab contrepartie diff\u00e9r\u00e9e \u00bb dans le cadre d'une cession d'actions ?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le paiement diff\u00e9r\u00e9 d\u00e9signe tout \u00e9l\u00e9ment du prix d'achat qui n'est pas r\u00e9gl\u00e9 int\u00e9gralement le jour de la conclusion de la transaction. Il peut se pr\u00e9senter dans diverses structures de transaction et pour diverses raisons. Parmi les formes courantes, on peut citer :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paiements d'earn-out \u2014 contrepartie suppl\u00e9mentaire due si l'entreprise atteint les objectifs financiers convenus apr\u00e8s la conclusion de la transaction.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paiements \u00e9chelonn\u00e9s \u2014 le prix est vers\u00e9 par tranches sur une p\u00e9riode d\u00e9termin\u00e9e, que ce soit ou non en fonction des r\u00e9sultats.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Pr\u00eats accord\u00e9s par le vendeur : le vendeur pr\u00eate en fait une partie du prix \u00e0 l'acheteur, qui devra la rembourser au fil du temps avec des int\u00e9r\u00eats.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ajustements du d\u00e9compte de cl\u00f4ture \u2014 lorsque le prix final d\u00e9pend d'un indicateur financier convenu, d\u00e9termin\u00e9 apr\u00e8s la cl\u00f4ture, et qu'un paiement compensatoire est vers\u00e9 par la partie qui se trouve \u2018 en d\u00e9ficit \u2019 selon ce m\u00e9canisme.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Le paiement diff\u00e9r\u00e9 modifie fondamentalement le profil de risque du vendeur. Une fois les actions c\u00e9d\u00e9es, le vendeur ne d\u00e9tient ni ne contr\u00f4le plus l\u2019entreprise. Sa garantie relative au paiement diff\u00e9r\u00e9 est enti\u00e8rement contractuelle \u2014 et si l\u2019acheteur fait d\u00e9faut, le vendeur doit intenter une action contre la personne qui contr\u00f4le d\u00e9sormais l\u2019actif ayant fait l\u2019objet de la vente. Une garantie appropri\u00e9e pour les paiements diff\u00e9r\u00e9s n\u2019est donc pas facultative ; elle est indispensable.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q<\/strong>. <strong>Quelle garantie un vendeur peut-il obtenir en cas de paiement diff\u00e9r\u00e9 du prix de vente ?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le droit anglais pr\u00e9voit toute une s\u00e9rie de m\u00e9canismes de garantie auxquels les vendeurs peuvent recourir pour prot\u00e9ger leurs obligations de contrepartie diff\u00e9r\u00e9e. Les plus courants sont les suivants :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Garantie personnelle \u2014 engagement pris par une ou plusieurs personnes physiques (g\u00e9n\u00e9ralement les dirigeants de l\u2019acheteur) de prendre en charge le paiement diff\u00e9r\u00e9 en cas de d\u00e9faillance de l\u2019acheteur. Cette solution est directe et efficace, mais les acheteurs \u2014 en particulier les acheteurs institutionnels et les soci\u00e9t\u00e9s de capital-investissement \u2014 refusent presque toujours d\u2019assumer une responsabilit\u00e9 personnelle.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Garantie d'entreprise \u2014 garantie fournie par la soci\u00e9t\u00e9 m\u00e8re de l'acheteur ou par une entit\u00e9 appartenant au groupe de l'acheteur. Elle est aussi efficace qu'une garantie personnelle si l'entit\u00e9 garante est solvable.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Obligation (garantie fixe et variable) \u2014 s\u00fbret\u00e9 sur les actifs de la soci\u00e9t\u00e9 acqu\u00e9reuse. Enregistr\u00e9e aupr\u00e8s du registre des soci\u00e9t\u00e9s (Companies House) ; conf\u00e8re au vendeur un droit de priorit\u00e9 en cas d'insolvabilit\u00e9. Peut \u00eatre subordonn\u00e9e aux cr\u00e9anciers de premier rang existants.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hypoth\u00e8que l\u00e9gale grevant un bien immobilier \u2014 si l\u2019acheteur ou la soci\u00e9t\u00e9 cible est propri\u00e9taire d\u2019un bien immobilier, une charge enregistr\u00e9e grevant ce bien constitue une garantie solide et tangible. L\u2019ex\u00e9cution par voie de vente forc\u00e9e est simple si la charge est valablement enregistr\u00e9e.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nantissement d'actions (gage sur les actions de la soci\u00e9t\u00e9 cible) \u2014 l'acqu\u00e9reur accorde au vendeur un gage sur les actions de la soci\u00e9t\u00e9 acquise. En cas de d\u00e9faut de paiement de la part de l'acqu\u00e9reur, le vendeur peut faire valoir ce nantissement et reprendre la propri\u00e9t\u00e9 de la soci\u00e9t\u00e9 cible. Il s'agit d'un m\u00e9canisme puissant, mais dont la valeur d\u00e9pend de la bonne sant\u00e9 financi\u00e8re durable de la soci\u00e9t\u00e9 cible.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>D\u00e9p\u00f4t fiduciaire ou retenue de fonds : une somme est conserv\u00e9e par un tiers neutre et vers\u00e9e au vendeur d\u00e8s que certaines conditions sont remplies. Ces fonds sont prot\u00e9g\u00e9s des cr\u00e9anciers de l\u2019acheteur en cas d\u2019insolvabilit\u00e9. L\u2019acheteur doit disposer des fonds n\u00e9cessaires et s\u2019engager \u00e0 les verser \u00e0 la signature de l\u2019acte de vente.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cr\u00e9dit documentaire bancaire \u2014 engagement irr\u00e9vocable de la banque de l'acheteur de verser au vendeur, \u00e0 premi\u00e8re demande, une somme d\u00e9termin\u00e9e. Il s'agit de l'alternative la plus s\u00fbre \u00e0 une garantie personnelle, mais elle entra\u00eene un co\u00fbt de financement pour l'acheteur.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q<\/strong>. <strong>Quelles alternatives \u00e0 une garantie personnelle un acheteur peut-il proposer ?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La garantie personnelle est la forme de s\u00fbret\u00e9 la plus couramment exig\u00e9e par les vendeurs et celle \u00e0 laquelle les acheteurs s\u2019opposent le plus souvent. Pour les acheteurs qui ne peuvent ou ne souhaitent pas fournir de garanties personnelles \u2014 une position adopt\u00e9e par la quasi-totalit\u00e9 des acheteurs institutionnels, des fonds de capital-investissement et des family offices \u2014, les alternatives suivantes offrent une protection significative :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Garantie d'entreprise \u00e9manant d'une soci\u00e9t\u00e9 m\u00e8re solvable : si l'acqu\u00e9reur est une entit\u00e9 ad hoc (SPV), une garantie \u00e9manant de la soci\u00e9t\u00e9 m\u00e8re ultime ou d'une entit\u00e9 du groupe disposant d'une solide assise financi\u00e8re constitue souvent la solution la plus acceptable sur le plan commercial. Le vendeur doit proc\u00e9der \u00e0 sa propre \u00e9valuation de la solvabilit\u00e9 du garant.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Financement par d\u00e9p\u00f4t fiduciaire \u00e0 la signature : la solution la plus s\u00fbre du point de vue du vendeur. Les fonds plac\u00e9s en d\u00e9p\u00f4t fiduciaire sont bloqu\u00e9s, ind\u00e9pendamment de la solvabilit\u00e9 de l\u2019acheteur, et ne n\u00e9cessitent aucune mesure coercitive : il suffit au vendeur de donner instruction \u00e0 l\u2019agent fiduciaire lorsque les conditions de d\u00e9clenchement sont remplies.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Cr\u00e9dit documentaire : offre une garantie bancaire sans engager la responsabilit\u00e9 personnelle d\u2019aucun individu. La banque de l\u2019acheteur \u00e9met un engagement de paiement irr\u00e9vocable. Le co\u00fbt est \u00e0 la charge de l\u2019acheteur sous forme de frais bancaires et d\u2019incidence sur ses lignes de cr\u00e9dit.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nantissement des actions en cas de non-respect de l'objectif : l'acqu\u00e9reur constitue une s\u00fbret\u00e9 sur les actions qu'il vient d'acqu\u00e9rir. Si le prix d'achat n'est pas r\u00e9gl\u00e9, le vendeur peut r\u00e9cup\u00e9rer l'entreprise. Cette solution est souvent acceptable d'un point de vue commercial pour les acqu\u00e9reurs, car elle limite le risque de perdre l'acquisition plut\u00f4t que leurs biens personnels.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Obligation sur les actifs de l'acqu\u00e9reur : lorsque l'acqu\u00e9reur dispose d'actifs, une obligation nominative conf\u00e8re une priorit\u00e9 en cas d'insolvabilit\u00e9. Cette solution s'av\u00e8re moins efficace lorsque l'acqu\u00e9reur est une structure d'acquisition \u00e0 faible actif et que des pr\u00eateurs de premier rang d\u00e9tiennent des s\u00fbret\u00e9s de rang sup\u00e9rieur.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q. Qu'est-ce qu'un billet \u00e0 ordre de fournisseur ?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Un billet de pr\u00eat fournisseur (\u00e9galement appel\u00e9 \u00ab pr\u00eat fournisseur \u00bb ou \u00ab titre de pr\u00eat fournisseur \u00bb) est un document \u00e9mis par l'acheteur \u00e0 l'intention du vendeur, reconnaissant une dette li\u00e9e \u00e0 une contrepartie diff\u00e9r\u00e9e. Il s'agit, en r\u00e9alit\u00e9, d'une reconnaissance de dette formelle : l'acheteur emprunte au vendeur la partie diff\u00e9r\u00e9e du prix d'achat, qu'il s'engage \u00e0 rembourser au fil du temps avec des int\u00e9r\u00eats.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les titres de cr\u00e9ance \u00e9mis par le vendeur sont r\u00e9gis par un acte de pr\u00eat qui pr\u00e9cise le montant du principal, le taux d\u2019int\u00e9r\u00eat, le calendrier de remboursement et les cas de d\u00e9faut permettant au vendeur d\u2019exiger le remboursement anticip\u00e9. Ils peuvent \u00eatre garantis (par une obligation ou une autre s\u00fbret\u00e9) ou non garantis. Elles peuvent \u00e9galement \u00eatre structur\u00e9es sous forme d\u2019instruments convertibles, permettant au vendeur de convertir le solde restant d\u00fb en participation dans le capital de l\u2019acheteur sous certaines conditions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La subordination constitue un enjeu pratique majeur. Lorsque l\u2019acheteur a contract\u00e9 un emprunt de premier rang aupr\u00e8s d\u2019une banque pour financer l\u2019acquisition, celle-ci exigera presque syst\u00e9matiquement que le titre de cr\u00e9ance du vendeur soit subordonn\u00e9 \u00e0 la dette bancaire \u2014 ce qui signifie que le vendeur ne sera rembours\u00e9 qu\u2019une fois que la banque aura \u00e9t\u00e9 int\u00e9gralement rembours\u00e9e. Cela r\u00e9duit consid\u00e9rablement la valeur de garantie du titre de cr\u00e9ance. Les vendeurs devraient examiner s\u2019il est possible de disposer d\u2019une garantie suppl\u00e9mentaire (telle qu\u2019un nantissement d\u2019actions ou une charge immobili\u00e8re) en compl\u00e9ment du titre de cr\u00e9ance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q. Que se passe-t-il en cas de litige concernant une clause d'indexation sur les b\u00e9n\u00e9fices futurs ?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les litiges relatifs aux clauses d\u2019earn-out comptent parmi les litiges post\u00e9rieurs \u00e0 la conclusion d\u2019une op\u00e9ration de fusion-acquisition les plus courants et les plus \u00e2prement disput\u00e9s. Ils surviennent g\u00e9n\u00e9ralement de l\u2019une des trois mani\u00e8res suivantes :&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Litiges relatifs aux principes comptables \u2014 les parties ne s'accordent pas sur la mani\u00e8re dont les indicateurs de l'earn-out (g\u00e9n\u00e9ralement le chiffre d'affaires, l'EBITDA ou le b\u00e9n\u00e9fice) doivent \u00eatre calcul\u00e9s, souvent parce que le contrat de vente (SPA) n'a pas d\u00e9fini les principes comptables applicables avec suffisamment de pr\u00e9cision.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Litiges li\u00e9s \u00e0 la gestion : le vendeur all\u00e8gue que l'acheteur a g\u00e9r\u00e9 l'entreprise de mani\u00e8re \u00e0 faire baisser artificiellement les indicateurs de la clause d'earn-out \u2014 par exemple, en facturant des frais de gestion excessifs, en d\u00e9tournant des revenus vers d'autres soci\u00e9t\u00e9s du groupe ou en ne maintenant pas un niveau ad\u00e9quat de d\u00e9penses marketing.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Litiges li\u00e9s \u00e0 l'int\u00e9gration \u2014 l'int\u00e9gration de la soci\u00e9t\u00e9 cible au sein du groupe de l'acqu\u00e9reur apr\u00e8s l'acquisition rend difficile, voire impossible, le calcul des performances autonomes de la soci\u00e9t\u00e9 cible telles que pr\u00e9vues dans la clause d'earn-out.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Mieux vaut pr\u00e9venir que gu\u00e9rir. Les clauses relatives \u00e0 la clause d\u2019earn-out figurant dans le contrat de cession (SPA) doivent d\u00e9finir les indicateurs avec pr\u00e9cision, pr\u00e9ciser les m\u00e9thodes comptables applicables, imposer \u00e0 l\u2019acqu\u00e9reur l\u2019obligation d\u2019exploiter l\u2019entreprise de mani\u00e8re \u00e0 offrir une chance raisonnable de r\u00e9aliser l\u2019earn-out, et inclure des restrictions quant \u00e0 la capacit\u00e9 de l\u2019acqu\u00e9reur \u00e0 proc\u00e9der \u00e0 des changements (telles que la modification des principes comptables, le d\u00e9tournement d\u2019activit\u00e9 ou la gonflement des co\u00fbts) susceptibles de r\u00e9duire le montant de l\u2019earn-out.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lorsqu'un litige a d\u00e9j\u00e0 surgi, le contrat de cession (SPA) devrait comporter une clause de recours \u00e0 un expert, en vertu de laquelle un expert-comptable ind\u00e9pendant est d\u00e9sign\u00e9 pour trancher les litiges relatifs au calcul de la clause d'earn-out. Cette proc\u00e9dure est plus rapide et moins co\u00fbteuse qu'une action en justice, m\u00eame si elle ne permet pas de r\u00e9pondre aux all\u00e9gations de manipulation d\u00e9lib\u00e9r\u00e9e de la part de l'acqu\u00e9reur.&nbsp;<\/p>","protected":false},"author":12,"featured_media":8953,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[65],"tags":[87],"class_list":["post-8952","insight","type-insight","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","tag-richmond-office"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.1.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Q. What is deferred consideration in a share sale? Deferred consideration is any element of the purchase price that is not paid in full on the day of completion. 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