When the RTC granted to a company exceeds its corporate tax due, the taxpayer has a receivable against the public treasury that cannot be immediately reimbursed, except as permitted by law. However, companies seeking for cash flows can monetize it and choose to assign their RTC receivable to credit institutions or securitisation vehicles.
Hence the following question: is the assignee entitled to ask for the reimbursement of the RTC he received?
Last October, Lyon administrative court of appeal ruled that in case of an assignment occurring before a request to the court, the assignee as well as the assignor (that initially benefited from the RTC) can ask for the reimbursement of the RTC receivable. This decision confirms the position adopted by the French Supreme Court in September 2017, this time about the assignee of a VAT credit (French Supreme Court, N° 393271, SA Monte Pastrial chi Banque, September 20th 2017).