Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: The Duties of Directors of Joint Stock Companies under Crisis and Insolvency Law – The article addresses the duties of directors of joint stock companies that are in a condition of crisis or insolvency. In the first part, the analysis focuses on the duty to set up internal procedures to monitor the business and timely detect the possible occurrence of the crisis or the loss of the business going concern. In this framework, the article also addresses the effects of internal reporting on the occurrence of pre-crisis distress, which may be faced by the new procedure of composition with creditors. The meaning of crisis, pre-crisis and insolvency are also discussed. In the following sections, the article observes how directors’ duties change once that the company has effectively entered a condition of distress, crisis or insolvency. In this perspective, the analysis deals with various issues concerning the duty to timely act to overcome the crisis and to restore the business going concern, including the issue to assess whether the composition with creditors may be pursued when the company is already insolvent. Finally, the analysis shows how the goal of the recent code of crisis and insolvency is to promote creditors’ satisfaction through the reorganization of the business as a going concern, rather than the peace meal liquidation of its assets. Final remarks are made on how the management of the company in crisis and insolvency must protect creditors’ interests.  

Sommario: 1. Introduzione: dal diritto societario al diritto dell’impresa. – 2. Il dovere di istituire assetti adeguati anche in funzione della rilevazione tempestiva della crisi e della perdita della continuità aziendale. – 3. La segnalazione interna dei presupposti della composizione negoziata. – 4. Stato di crisi. – 5. Squilibrio risanabile. – 6. Il dovere di superare la crisi e di ripristinare la continuità aziendale. – 7. Il problema della composizione negoziata quale strumento di superamento della crisi e dell’insolvenza. – 8. L’anticipazione dei doveri di intervento al verificarsi dello squilibrio risanabile prodromico alla crisi. – 9. La regolazione della crisi e dell’insolvenza: promozione della capacità risanatoria e riorganizzativa dell’impresa e marginalizzazione della liquidazione giudiziale. – 10. Gestione dell’impresa e interesse dei creditori.

Keywords: joint stock company — directors’ duties — distress — crisis — insolvency — loss of going concern.