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From the magazine SZW-RSDA 5/2017 | S. 552-563 The following page is 552

Financement intragroupe et Cash Pooling : Quelle évolution ?

Cross-financing between affiliated companies, a subject at the heart of a group’s strategy, is a daily reality that remains largely ignored by current law and jurisprudence. The latest developments in court decisions seem to increase the discrepancy between the economic needs of the group and the legal requirements for protection of capital of each entity. Thus, since the Swisscargo ruling of the Swiss Federal Supreme Court, requirements relating to compliance with the principle of « dealing at arm’s length » have become tighter and have thus reduced the flexibility in the financing flows and the dividend policy within the group. In the case of Cash Pooling, many uncertainties still remain and the implementation of a classic system of centralized cash management appears more difficult to reconcile with the vision of independent legal entities. This theme is a perfect illustration of the current shortcomings of Swiss legislation due to the lack of a systematic and comprehensive set of…

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