Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Public-private Company, Management of State-Owned Assets and Insolvency of the Private Partner – The development of state-owned assets as a public interest pursued by the public administration may be achieved through the establishment of a public-private company. The subsequent insolvency of the private shareholder gives rise to a conflict between various interests: on the one hand, the public interest in the continued management of the state-owned asset; on the other, the interest of the insolvent private shareholder and his creditors in realising the value of the shareholding within the scope of insolvency proceedings. The importance of preventive statutory solutions such as redeemable shares under article 2437-sexies of the Civil Code is highlighted, in order to regulate the exit of the private partner, allowing the company or the public partner to redeem the shares of the insolvent private partner. Furthermore, the authoritative prerogatives of the granting authority are analysed, in particular the powers of decadence and revocation of the state concession provided for by the Navigation Code. The exercise of these powers, though legitimate, may have the indirect effect of excluding the private partner and affect the balance of the corporate relationship, creating the risk of a reduction in the safeguards inherent in the corporate model and in the economic expectations of the private partner and its creditors.  

Summary: 1. La scelta del socio privato. – 2. La liquidazione giudiziale del socio privato e l’interruzione del rapporto sociale. – 3. Le azioni riscattabili previste dallo statuto come modalità di esclusione del socio privato sottoposto alla liquidazione giudiziale. – 4. Decadenza e revoca della concessione demaniale. – 5. Conclusioni.  

Keywords: Public-private Company — State-owned Assets — Redeemable Shares — Decadence — Revocation — Insolvency — Company Law.