A bank assigns a business who has assumed responsibility for the liabilities of a business that is being wound up by a court. It shall request payment of the balance of the current account of the business in liquidation.

The Court of Appeal dismisses the bank’s application. It notes that the payment of the current account balance is not due because the current account has not been closed. The bank is appealing to the Court of Cassation.

The Court of Cassation dismisses the appeal. In its view, the current account which is not closed before the opening of a collective procedure constitutes an ongoing contract. Thus, the current account of the debtor business cannot be closed because of the opening of a judicial liquidation.

The balance of this account is therefore not payable by the bank and the guarantor is not required to pay.

The Court shall here make a reversal of case law and now holds that the opening or the pronouncement of a judicial liquidation does not close the debtor's current account.