Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Shareholder exit from the company in crisis: the new content of article 116 c.c.i.i. – The article analyzes the exit of the shareholder from the company as a result of extraordinary transactions carried out during an arrangement with creditors. It is divided into two parts. The first part contains a brief description of the shareholder’s right of withdrawal in extraordinary transactions made by companies in crisis, starting from the discipline of the old bankruptcy law and going through all the changes that have affected the insolvency matter in recent years, including the amendment of Article 116 c.c.i.i. The second part of the work is intended to provide alternative ways of interpreting the rule introduced with the reform to the Article 116, co. 5, c.c.i.i. according to which the shareholder’s right of withdrawal «is suspended» until the plan is implemented. The last part of the article proposes a way of interpretation inspired by a comparison with French law.  

Sommario: 1. Introduzione. – 2. I dati normativi e la loro evoluzione. – 3. Alcune questioni preliminari relative alle operazioni straordinarie in concordato preventivo: il “diritto al voto” e il nuovo art. 116 c.c.i.i. – 4. L’antecedente storico dell’art. 116, comma 5, c.c.i.i.: le posizioni della dottrina nel silenzio della vecchia legge fallimentare. – 4.1 Operazione straordinaria deliberata durante la procedura di concordato preventivo. – 4.2 Operazione straordinaria deliberata in esecuzione del piano di concordato preventivo. – 5. Il quinto comma dell’art. 116 c.c.i.i. e la «sospensione» del diritto al recesso: alcune proposte intepretative. – 5.1 Interpretazione “estensiva” e “restrittiva”. – 6. L’esperienza francese: l’obligation de quitter la société en difficulté. – 7. Una terza via interpretativa.  

Keywords: Insolvency — Agreements with creditors — Merger — Demerger — Transformation of companies — Shareholders — Exit.