Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Ipso facto clause and stay in the restructuring of groups of companies in crisis – The paper focuses on the issue of adapting rules set for single undertaking – particularly those concerning the prohibition of ipso facto clauses and the stay – to the insolvency of companies groups. This is a topic that, despite the recent reform of Italian insolvency law, including specific rules on the crisis of groups, seems to be only touched upon in the Italian Crisis and Insolvency Code. This issue raises a pivotal question within the legal system, as it requires addressing and resolving the potential axiological conflict between two fundamental values – and the interests underlying them – of modern legal systems: on the one hand, contractual autonomy, and on the other, the more recent concept (in terms of its incorporation into positive law) of the unified restructuring of a group in crisis.  

Sommario: 1. Premessa – 2. Profili di specialità della crisi del gruppo: i cross-entity arrangements – 3. Il divieto di ipso facto clauses – 4. Segue – 5. L’applicabilità del divieto di ipso facto clauses nel gruppo: l’ordinamento italiano – 6. Lo stay nel contesto del gruppo – 7. Segue: il trade off fra l’istanza della ristrutturazione unitaria del gruppo e la tutela del diritto di credito

Keywords: Insolvency Law — Contractual autonomy — Restructuring procedure — Companies group — Ipso facto clauses.