The company Total Outre-mer and Mr. X. are shareholders of the Algerian company Total Bitumes Algeria. They are bound by a shareholders’ agreement containing an option for Total Outre-mer to acquire the shares of minority shareholders in the event of disagreement. This agreement contains an arbitration clause.
An arbitral award of 9 June 2009 ordered Mr. X. to sell the 300 shares he held at a fixed price. In execution of this award, Mr. X. made an attachment on the bank accounts of the company Total Outre-mer of the sum corresponding to the price of the shares. The company Total Outre-mer seized the enforcement judge requesting that the measure be cancelled.
The Cour de Cassation considers that the arbitration award, which orders Mr. X. to sell his shares at the fixed price, did not impose any obligation on Total Outre-mer. Therefore, Mr. X. did not have an enforceable title establishing due debt (liquid and payable). The attachment measure could not regularly be granted.