עדכוני חקיקה ופסיקה

כאשר הועמדה הלוואת בעלים ללא קביעת תנאיה יש לבחון האם מדובר בהשקעה ולא הלוואה

13 אוקטובר 2020

הדפסה

פורסם ב אפיק משפטי 322 18.11.2020

משקיע רכש מניות בחברה כנגד העמדת הלוואת בעלים לחברה. מאוחר יותר דרש לקבל החזר של הלוואת הבעלים.
בית המשפט קבע שהלוואת הבעלים היא בפועל השקעה בחברה שלצורכי מס הוגדרה כהלוואה בעלים ולכן אין למשקיע את הזכות לדרוש החזר שלה. הסכם רכישת המניות קבע שהעמדת ההלוואה מהווה תנאי לקבלת המניות אך לא קבע את תנאי ההלוואה, לרבות מועד השבתה, תשלומים, ריביות וכו'. במקרה כזה יש לבחון האם המונח "הלוואת בעלים", בו נעשה שימוש בהסכם אכן מעיד על אופייה האמיתי של העסקה או שמדובר בהשקעה בחברה ולא הלוואת בעלים. בין היתר יש לבחון האם עסקת הלוואת הבעלים נעשתה במהלך העסקים הרגיל, מהו אופי הסכם ההלוואה, מה מצבה הכספי של החברה עם מתן ההלוואה, מהו אופי הקשר בין בעל המניות לבין החברה, לאיזו מטרה שימשו כספי ההלוואה - האם לרכישת נכסים הוניים או להוצאות שוטפות, האם קיימות בטוחות להלוואה, ועוד. במקרה זה אמנם הצדדים בחרו לרשום בהסכם את תמורת המניות כ"הלוואת בעלים" אך מנוסח ההסכם ברור על פניו כי אין מדובר בהלוואת בעלים מסחרית רגילה, אלא ברכישת מניות ולכן לא זכאי בעל המניות לדרוש החזר ההלוואה.

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