Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Choice of different solutions for overcoming the crisis and directors liability – The change made by the code of corporate crisis and insolvency to the structure of corporate organizational structures in function of the timely detection of the corporate crisis opens up scenarios that have been little investigated in the corporate law system. in fact, until the amendment of art. 2086 of the civil code, the jurisprudential discussion of the choices made (or omitted) by the administrator in preparing the internal organizational structures of the company he manages was very rare and so the management body was rarely attributed the responsibility connected to a late or inadequate reaction to the crisis and this (also) before the formal loss of the share capital, for any damages caused. in the innovative system of duties and (consequent) responsibilities of the corporate bodies, however, a significant increase in litigation is easily foreseeable. in this context, the essay aims to examine the relationship between the choice of different solutions (both contractual and non-contractual) to the crisis provided by the legal system for overcoming the crisis and recovering business continuity and the possible liability of the administrative body for the violation of both the duty to react promptly to the state of crisis and insolvency, and the obligation to do what is necessary to avoid aggravating the damage suffered by interested third parties.  

Sommario: 1. La governance della crisi di impresa. Il fondamento normativo. – 2. Il favor per le soluzioni concordate in funzione del risanamento dell’impresa. – 3. La scelta dello strumento alternativo come espressione del principio di sussidiarietà orizzontale nel diritto della crisi d’impresa. – 4. La scelta tra le diverse soluzioni negoziali della crisi tra rules e standards di comportamento: il principio della continuità aziendale. – 4.1. (Segue): il principio dell’interesse prioritario dei creditori. – 5. Gli altri criteri applicativi del dovere di reazione alla crisi e all’insolvenza: la composizione negoziata come percorso preferenziale e la liquidazione giudiziale come soluzione residuale. – 5.1. (Segue): la scelta dello strumento di gestione in funzione della gravità della crisi. – 5.2. (Segue): gli altri elementi rilevanti. – 6. Scelte gestorie in condizione di stato di crisi e cd. business judgment rule. – 7. Bloc-notes delle (ipotesi di) responsabilità.  

Keywords: Corporate Crisis — Solution tools for the crisis — Directors’ Duties — Directors’ Liability.