Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

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Annata 2024
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La rivista del diritto commerciale e il diritto d’autore in europa nei primi decenni del novecento (Laura Moscati)

Abstract: Rivista del diritto commerciale and Authors’ Rights in Europe in the Early decades of the Twentieth Century – The author focuses on the role played by the Rivista del diritto commerciale with regard to the authors’ rights in the first three decades of the 20th century. Indeed, between 1903 and the promulgation of the 1941 law, authors’ rights in Italy and Europe are featured by some major issues, relating to the uniformity of their duration, to the rise of moral rights, and to the internationalization process. In particular, the Rivista follows and at times influences the formation and development of authors’ rights in the following three moments. The first (1903-1915) is characterized by the tendency to standardize duration along with the analysis of new means of reproduction and their impact on case law; the second (1916-1926) by the study and commentary of the drafts and the new 1925 law, which saw the triumph of moral rights; the third (1927-1939) by the affirmation of the internationalization of authors’ rights, especially during the Roman revision of the Berne Convention. In that period, the Rivista represented undoubtedly a point of reference for legal science and case law in the field of authors’ rights, highlighting some of their key and most significant aspects.  

Sommario: 1. Premessa. La Rivista del diritto commerciale e i problemi degli autori – 2. L’uniformazione della durata dei diritti esclusivi – 3. La tutela dei diritti morali – 4. L’internazionalizzazione del diritto d’autore  

Keywords: Rivista del diritto commercialeAuthors’ Rights1903-1939.

Annata 2024 Fascicolo 1 Pagina 23

Assetti dell’impresa e responsabilità degli amministratori (Giuseppe Ferri Jr Massimo Rossi)

Abstract: Corporate Organization and Directors’ Liability – The rule requiring directors of corporations to set up administrative, organizational and accounting structures raises several issues: this essay aims to indicate a solution to those related to the prerequisites and limits of directors’ liability and the role to be given in this matter to the so-called business judgment rule.  

Sommario: 1. La struttura – 2. La funzione – 3. La responsabilità – 4. Il sindacato giudiziale  

Keywords: company lawdirectors’ duty to institute appropriate organizational structurebusiness judgment rule.

Annata 2024 Fascicolo 1 Pagina 27

La rivista del diritto commerciale e l’evoluzione del diritto della concorrenza (Marco Ricolfi)

Abstract: La Rivista del diritto commerciale and the evolution of competition law – The paper discusses the contributions of the Journal to the debates about competition laws. It proceeds backwards, dealing first with the era of full-fledged antitrust (1990-2023), secondly with the uncertainties of the protracted age of “apparent compliance” (1948-1989) all the way back to the birth of this area of law (1900-1945). While dealing with the often outstanding contributions from the Journal articles to the development of this crucial branch of law, it also brings back the focus on less remembered stages of its development, including a phase which has been aptly described as “the brief infancy” of competition law, suddenly truncated by the First World War and by the rise of fascism. A look into the future of antitrust and regulation within digital and algorithmic ecosystems concludes.  

Sommario: 1. Il percorso (a ritroso) – 2. L’epoca del diritto della concorrenza a vele spiegate (1990-oggi) – 3. Il periodo della “convergenza apparente” (1948-1989) – 4. L’“infanzia breve” del diritto della concorrenza (1900-1915) – 5. Uno sguardo sul futuro  

Keywords: Law HistoryCompetition LawAntitrust.

Annata 2024 Fascicolo 1 Pagina 1

Leggere aurelio candian con uno sguardo al codice della crisi (Giuseppe Guizzi)

Abstract: Reading Aurelio Candian with a focus on the Crisis Code. (Notes for a study of the arrangement with creditors) – Moving from a book on legal history, dedicated to the ideas of Aurelio Candian, the paper questions whether Candian studies, published in the 1930s, on the subject of the arrangement with creditors can be considered still valid today in the perspective of an investigation upon an institute whose characteristics have been completely redesigned in the last twenty years of legislative reforms, and most recently with the Code of Crisis and Insolvency. The idea expressed in the essay is that in the new discipline of the arrangement with creditors it is not possible to isolate the substantive profile from the procedural one, so that ultimately even with respect to the different figures of the arrangement designed by the Code, and also in the one based on going concern perspective, emerge profiles that allow us to recognize characteristics, as Candian wrote, of an “enforcement proceeding”, aimed to enforce the general asset liability of the debtor.  

Sommario: 1. Un libro di storia del diritto per leggere il presente: sono ancora attuali gli scritti di Candian in tema di procedure di insolvenza? – 2. Il fallimento e il concordato preventivo nella ricostruzione di Candian – 3. La rilevanza di alcune proposte interpretative di Candian anche nel contesto del codice della crisi: le conferme sulla natura della domanda di concordato derivanti dalla disciplina del procedimento unitario – 4. …: la non sovrapponibilità dei controlli sulla idoneità del piano svolti dal Tribunale al momento dell’apertura della procedura e in sede di omologazione del concordato – 5. ….: l’attuazione del concordato come “processo di esecuzione”.  

Keywords: Legal HistoryBankruptcy LawCode of Crisis and InsolvencyArrangement with creditors.

Annata 2024 Fascicolo 1 Pagina 1

Note in tema di vendita di partecipazioni sociali con riserva della proprietà (Antonio Sartor)

Abstract: Considerations on retention of title in the sale of corporate shares – The essay examines the institution of sale with retention of title in general, with particular attention to the legal implications for both the seller and the buyer with reserved ownership. The inquiry then investigates the possibility that, when such a type of sale involves corporate shares, articles 2352 and 2471 bis of the Italian Civil Code may be analogically applied, reasoning in light of the so-called principle of indivisibility of corporate participation. The study also aims to highlight the opportunity to adopt a methodological perspective geared towards the mutual integration of civil and commercial law.  

Sommario: 1. La recente ascesa dell’istituto della riserva della proprietà. Applicazioni dell’istituto alla cessione di partecipazioni sociali: per una reciproca integrazione fra diritto civile e commerciale – 2. Le diverse tesi circa le situazioni giuridiche soggettive determinate dal patto di riservato dominio. Adesione alla tesi della c.d. aspettativa reale in capo all’acquirente – 3. Patto di riservato dominio ed esercizio dei diritti inerenti alla partecipazione. Fra principio di inscindibilità ed applicazione analogica dell’art. 2352 cod. civ. (e dell’art. 2471 bis cod. civ.) – 4. Le ragioni dell’analogia e le conseguenze sulla spettanza del diritto di voto – 5. Cenni ad ulteriori problemi aperti: sorte di altri diritti amministrativi e patrimoniali

Keywords: sale with retention of titlecorporate shares and retention of titleprinciple of indivisibility of corporate participation.

Annata 2024 Fascicolo 1 Pagina 83

Orientamenti e questioni in tema di diritto di recesso (Carlo Angelici)

Sommario: 1. Premessa – 2. Recesso e negoziazione – 3. Recesso ad nutum, termine di durata e intrasferibilità nella s.r.l. – 4. Recesso e rapporti endosocietari nella s.p.a. – 5. Gli interessi dei creditori – 6. Il rilievo dell’abuso  

Annata 2024 Fascicolo 1 Pagina 111

Apporti esterni e garanzie di terzi nel concordato preventivo (Piergiuseppe Spolaore)

Abstract: Financial contributions and personal guarantees in the concordato preventivo –The paper discusses how financial support offered by third parties to distressed business debtors in judicially supervised reorganization proceedings – specifically, the «concordato preventivo» – is regulated under Italian law, comparing it with personal guarantees and emphasizing similarities and differences between the two arrangements. It argues that art. 84, para 4, of the Italian Business Crisis and Insolvency Code (Codice della crisi e dell’insolvenza delle imprese) implicitly codifies a new nominate contract by imposing that the winding up plan shall entail a financial contribution by third parties that increases the total amount of assets available for creditor payments by at least 10%. Under this agreement the third party is either not entitled to claim the repayment of their contribution or has a claim that is subordinated to those of pre-existing creditors. The article further examines the standing of the insolvency practitioner to enforce the debtor’s claim against the third-party financer, particularly in the event that the reorganization plan fails before the contribution is executed, also analyzing the standing of the insolvency practitioner to enforce personal guarantees issued in the framework of reorganization proceedings.  

Sommario: 1. Perimetro e scopo dell’analisi – 2. L’“intervento” del terzo nel concordato tra tipologie empiriche e fattispecie normative: garanzia e assunzione – 3. (segue): l’apporto di risorse da parte di terzi – 4. Finanza esterna e “neutralità” per il patrimonio del debitore: la tipizzazione dello schema negoziale negli artt. 84-74-100 c.c.i.i. – 5. (segue): le regole di utilizzabilità dell’apporto tra “provenienza” e intestazione formale – 6. La legittimazione del curatore a ottenere l’adempimento dell’impegno ad apportare risorse esterne in quanto diritto “della massa” – 6.1. Legittimazione del curatore ad agire nei confronti del terzo tra diritti del debitore e diritti dei creditori: gli interessi in gioco – 6.2. La legittimazione del curatore per l’esecuzione dell’impegno ad apportare risorse – 7. (segue): la legittimazione del curatore a ottenere l’adempimento delle garanzie – 8. Conclusioni  

Keywords: InsolvencyReorganization proceedingsconcordato preventivofinancial supportguaranteesnew financesuperprioritystanding of the insolvency practitioner.

Annata 2024 Fascicolo 1 Pagina 69

Azioni a voto multiplo e competitività del mercato dei capitali (Laura Schiuma)

Abstract: Multiple-voting shares and capital market competitiveness - The issue of multiple voting shares is back in the news in Italy, where is pending approval of a draft law on the introduction of a number of measures to support the competitiveness of the capital market, including measures relating to dual class shares and loyalty shares. In particular, the new measures relate to the increase of the voting multiplier from “three” to “ten” votes per share with respect to the dual shares and from “two” to “ten” votes per share with respect to the loyalty shares. The intention of the legislator is to make the Italian system more “flexible” and therefore more competitive, to bring it into line with other European systems and to counter the phenomenon of Italian companies transferring their registered offices abroad, in particular to the Netherlands. The aim of this paper is to contribute to the scientific debate on the issue of multiple voting shares by shedding light on some of the slogans of the reform, which do not help to understand the real practical value of the proposed innovations, which should be read not only in the perspective of the Italian corporate system, but also in the framework of the proposed European Directive on multiple voting shares and in light of the interests at stake.  

Sommario: 1. Premessa – 2. Le regole che non ci sono – 2.1. Il c.d. DDL Capitali – 2.2. La proposta di direttiva – 3. Il diritto italiano – 3.1. Il confronto con l’Olanda – 3.2. I punti di forza alla luce della direttiva – 4. I bisogni di protezione – 5. Il problema delle quotate – 6. Il problema delle migrazioni all’estero – 7. Conclusioni  

Keywords: Corporate lawMultiple voting shares.

Annata 2024 Fascicolo 1 Pagina 37

Profili comparatistici in materia di doveri degli amministratori di società in crisi (Armando Santoni)

Abstract: Directors’ duties in the vicinity of insolvency: a comparative approach – It is well known that whenever a company is likely to become insolvent, there is an increase of the risk of opportunistic conducts to the detriment of corporate creditors. The legal systems worldwide resort to various means to limit this risk. For example, various incentives may be provided to anticipate the early emergence of the crisis, channeling it into dedicated procedures. On the other hand, the liability regime of directors for acts performed in the vicinity of insolvency shall be aggravated. The substantial unity of the problems posed by this subject matter confirms the usefulness of a comparative approach. The present paper analyzes the directors’ duties from different points of view. First, from a teleological standpoint, it analyzises the moment from which directors must take into account the interests of corporate creditors. In the second place, it investigates the content of managerial duties and finally whether directors retain a certain amount of discretion in a situation of crisis or not.  

Sommario: 1. Introduzione – 2.1. Analisi comparatistica – 2.2. L’ordinamento statunitense – 2.3. L’ordinamento inglese – 2.4. L’ordinamento tedesco – 2.5. Risultati dell’analisi comparatistica: prime conclusioni – 3.1. Il sistema italiano – 3.2. L’orientamento funzionale dei doveri gestori nella crisi – 3.3. La diligenza e la discrezionalità gestoria – 3.4. Il sindacato giudiziale sull’adeguatezza degli assetti – 4. Conclusioni

Keywords: Directors’ dutiesVicinity of insolvencyItalian Bankruptcy LawShift of dutiesBusiness judgment rule.

Annata 2024 Fascicolo 1 Pagina 37

Soci e amministratori negli strumenti di regolazione della crisi delle società (Lorenzo Benedetti)

Abstract: Shareholders and directors in the restructuring of companies – The article deals with the new rules about the preventive restructuring framework of companies pursuant to the Italian Crisis and Insolvency Code, with particular attention to the shareholders and directors’ position and powers about the proposal, voting and court approval stages. Special attention is devoted to the modification of shareholders’ rights without the approval of the shareholders’ meeting pursuant to the rules of the company law.  

Sommario: 1. Il problema della posizione dei soci nelle ristrutturazioni prima dei recenti interventi di riforma – 2. Il rapporto fra diritto societario e diritto concorsuale: il principio di neutralità delle procedure concorsuali – 3. La fase dell’accesso allo strumento di regolazione della crisi e dell’insolvenza – 4. I corollari a livello di governance dell’art. 120-bis – 5. Segue: l’informazione dei soci – 6. Il potere di revocare gli amministratori – 7. La fase della votazione – 8. Gli effetti dell’omologazione del concordato per i soci – 9. La tutela dei soci mediante opposizione all’omologazione – 10. Considerazioni conclusive  

Keywords: distressed companypreventive restructuring frameworkshareholders rightsdirectors powers.

Annata 2024 Fascicolo 1 Pagina 113

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ISSN 2532-9839 | 2532-9847