Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Firms are not free to choose the applicable bankruptcy regime within the European Union because, pursuant to the European Insolvency Regulation, jurisdiction for insolvency proceedings lies with the courts of the Member State in which the debtor has the Centre of its main interests (COMI). Nevertheless, firms have exploited some loopholes of the European Insolvency Regulation and therefore managed to carry out some form of bankruptcy forum shopping. Against this backdrop, this article compares European legal setting of bankruptcy conflicts of laws rules with the American one and analyzes the possible consequences of forum shopping and of regulatory competition for creditors. The paper aims at showing that a mandatory regime in bankruptcy law is to be preferred from a normative point of view, and that it is necessary to strictly interpret the COMI rule. Finally, it is argued that a mandatory regime, in terms of applicable law, is preferable also for the legal institutions that apply when firms are in the vicinity of insolvency. For example, that would encompass the conflicts of laws rules on jurisdiction for the action pauliana/fraudulent transfers (art. 2901 of the Italian Civil Code).  

Summary: 1. Il problema. – 2.1. La concorrenza fra ordinamenti nel sistema italiano. – 2.2. (Segue). Nel diritto dell’Unione europea. – 2.2.1. (Segue). Concorrenza e crisi d’impresa in Europa. – 2.2.2. (Segue). Nei sistemi anglo-americani. – 3.1. I possibili interessi al forum shopping. – 3.2. (Segue) … e alla concorrenza tra ordinamenti. – 3.3. (Segue). La non configurabilità di interessi meritevoli di tutela al forum shopping e alla concorrenza tra ordinamenti in materia concorsuale. – 4. La c.d. insolvencification del diritto societario. – 5.1. Il tema della “qualificazione” delle regole di diritto concorsuale. – 5.2. (Segue). … tra criterio formale (lex societatis), altri criteri di collegamento e criterio funzionale (lex concursus). – 6.1. L’attrazione nel COMI (anche) delle regole pre-concorsuali: le azioni a tutela della garanzia patrimoniale. – 6.2. (Segue). Corollari interpretativi. – 7. Sintesi.  

Keywords: Insolvency — European Insolvency Regulation — Bankruptcy forum shopping — freedom of establishment — Jurisdictional competition — Regulatory Competition in European Company Law — Choice of law — Creditor Protection — Harmonization — Insolvencification.