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In companies with a controlling shareholder the agency relationship between controlling shareholders and minority shareholders poses significant issue. Managers may pursue, rather than the interests of the company as a whole, the interest... more
In companies with a controlling shareholder the agency relationship between controlling shareholders and minority shareholders poses significant issue. Managers may pursue, rather than the interests of the company as a whole, the interest of the controlling shareholder. When there is a controlling shareholder, independent directors may not prove sufficient to monitor the management behaviour, given that they are ultimately appointed by the same controlling shareholder whose possible opportunistic behaviour they are meant to constrain. Therefore, minority shareholders may be given appointment rights to the board: directors elected by minority shareholders may work as a corporate governance mechanism that fosters the board’s willingness and ability to monitor managers’ behaviour, on the assumption that managers are appointed by the controlling shareholder. This paper examines empirically whether having a minority-elected director on corporate boards increases the ability of the board ...
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Si parla molto di incostituzionalità del bail-in, specie da parte di chi rappresenta gli interessi delle banche. Si tratta però di argomentazioni prive di fondamento, a meno che non si voglia sostenere che è incostituzionale che le banche... more
Si parla molto di incostituzionalità del bail-in, specie da parte di chi rappresenta gli interessi delle banche. Si tratta però di argomentazioni prive di fondamento, a meno che non si voglia sostenere che è incostituzionale che le banche falliscano. Esiste però un grave problema di transizione.
Con il piano sulle banche venete, lo stato salva depositanti, obbligazionisti senior e dipendenti. Ma abbandona al loro destino gli azionisti danneggiati dalle condotte tenute in sede di collocamento e di esecuzione degli ordini di vendita.
Il codice della crisi detta una disciplina articolata degli strumenti stragiudiziali di composizione della crisi, che vanno dagli accordi in esecuzione di piani attestati di risanamento, agli accordi conclusi con l’assistenza dell’OCRI,... more
Il codice della crisi detta una disciplina articolata degli strumenti stragiudiziali di composizione della crisi, che vanno dagli accordi in esecuzione di piani attestati di risanamento, agli accordi conclusi con l’assistenza dell’OCRI, agli accordi di ristrutturazione dei debiti nelle diverse varianti (agevolati, “normali” e ad efficacia estesa ai creditori non aderenti e al fisco). L’Autore esamina le novità, molte delle quali apprezzabili, e pone in luce alcuni punti critici della nuova disciplina, tra cui spiccano la sorte delle ipoteche giudiziali anteriori al ricorso e il metro della “convenienza” per l’imposizione dell’accordo al fisco.
This paper focuses on giving an overview of the development of the Italian insolvency law, concentrating the analysis on restructuring frameworks and whether our recent reform of the Crisis Code complies with the recent Directive on... more
This paper focuses on giving an overview of the development of the Italian insolvency law, concentrating the analysis on restructuring frameworks and whether our recent reform of the Crisis Code complies with the recent Directive on Restructuring and insolvency.
La nuova disciplina del concordato preventivo detta requisiti stringenti sia per il concorda- to con continuità aziendale, sia per il concordato che il Codice della crisi d’impresa e dell’insolven- za definisce «liquidatorio».... more
La nuova disciplina del concordato preventivo detta requisiti stringenti sia per il concorda- to con continuità aziendale, sia per il concordato che il Codice della crisi d’impresa e dell’insolven- za definisce «liquidatorio». Nell’articolo si sostiene che tra i due tipi di concordato vi sia spazio per un concordato con continuità aziendale “atipico”, che non soddisfa appieno i requisiti del concor- dato con continuità aziendale come definito dalla legge. L’articolo esamina poi la disciplina appli- cabile a questa forma di concordato
In companies with a controlling shareholder the agency relationship between controlling shareholders and minority shareholders poses significant issue. Managers may pursue, rather than the interests of the company as a whole, the interest... more
In companies with a controlling shareholder the agency relationship between controlling shareholders and minority shareholders poses significant issue. Managers may pursue, rather than the interests of the company as a whole, the interest of the controlling shareholder. When there is a controlling shareholder, independent directors may not prove sufficient to monitor the management behaviour, given that they are ultimately appointed by the same controlling shareholder whose possible opportunistic behaviour they are meant to constrain. Therefore, minority shareholders may be given appointment rights to the board: directors elected by minority shareholders may work as a corporate governance mechanism that fosters the board’s willingness and ability to monitor managers’ behaviour, on the assumption that managers are appointed by the controlling shareholder. This paper examines empirically whether having a minority-elected director on corporate boards increases the ability of the board to monitor management behaviour. Using a sample of the largest listed Italian companies in years 2008-2017, we find that minority-elected directors have a positive and statistically significant effect on board monitoring tasks. We also document that this effect is higher when they are elected by institutional investors. Our results have important implications for policy makers and, more generally, corporate governance best practice in all contexts in which companies have a concentrated ownership structure.
The Italian insolvency framework makes several restructuring tools available to firms and their creditors, so that distress does not necessarily lead to liquidation. This paper analyses two such instruments: debt restructuring agreements... more
The Italian insolvency framework makes several restructuring tools available to firms and their creditors, so that distress does not necessarily lead to liquidation. This paper analyses two such instruments: debt restructuring agreements (DRAs) and compositions with creditors (CCs), both commonly used to reorganize distressed firms and preserve their continuity. These procedures typically involve large firms, particularly in the case of DRAs where judicial control over negotiations is milder. Firms using DRAs are in less critical economic conditions when they file for restructuring, but they do so after longer periods of distress. Despite their declared aim, the effectiveness of these instruments in terms of business continuity is limited: many firms that use them end up exiting the market, in particular in DRAs. Firms that survive display only partial recovery, which is relatively more intense in CCs. However, the apparently superior performance of CCs is overshadowed by the long duration of restructuring, which may prevent us from observing definitive outcomes.
the Italian insolvency and pre-insolvency frameworks have been reformed recently (2019, due to enter into force in September 2021 but now probably in 2022). this article recalls the intense period of reforms in Italian insolvency law,... more
the Italian insolvency and pre-insolvency frameworks have been reformed recently (2019, due to enter into force in September 2021 but now probably in 2022). this article recalls the intense period of reforms in Italian insolvency law, started in 2005 and culminated with the new ‘Code of enterprise crisis and of insolvency’. the Code introduces new rules for court-confirmed debt restructuring agreements (similar to schemes of arrangement) and judicial composition with creditors, as well as with regard to new rules for insolvency of groups, international jurisdiction and directors’ liability. the article addresses these novelties pointing out some unresolved issues. Finally, the article touches upon the compatibility of the new law with the Directive on restructuring and insolvency (directive 2019/1023)
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The Italian insolvency and pre-insolvency frameworks have been reformed recently (2019). This paper recalls the intense period of reforms in Italian insolvency law, started in 2005 and culminated with the new ‘Code of enterprise crisis... more
The Italian insolvency and pre-insolvency frameworks have been reformed recently (2019). This paper recalls the intense period of reforms in Italian insolvency law, started in 2005 and culminated with the new ‘Code of enterprise crisis and of insolvency’. The Code introduces new rules for court-confirmed debt restructuring agreements (similar to schemes of arrangement) and judicial composition with creditors, as well as with regard to new rules for insolvency of groups, international jurisdiction and directors’ liability. The paper addresses these novelties pointing out some unresolved issues. Finally, the paper touches upon the compatibility of the new law with the Directive on restructuring and insolvency.
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The JCOERE Project, funded by the European Commission’s DG Justice Programme (2014-2020), addresses two aspects of the EU’s strategy to respond to the problems of cross-border insolvency within the increasingly integrated internal market.... more
The JCOERE Project, funded by the European Commission’s DG Justice Programme (2014-2020), addresses two aspects of the EU’s strategy to respond to the problems of cross-border insolvency within the increasingly integrated internal market. The Commission’s strategy is described in the Recommendation setting out A New Approach to Business Failure. The first aspect concerns the implementation of co-operation obligations that have been imposed on all EU domestic courts and judiciary under the EIR Recast. The second concerns the introduction through the Preventive Restructuring Directive (PRD) of a preventive restructuring framework in the domestic insolvency laws of all Member States.
This first JCOERE Report examines these initial substantive and procedural aspects arising from the preventive restructuring frameworks. This, together with JCOERE Report 2, will contribute to answering the overall project research question, which asks:
Based on existing experience with restructuring (e.g. Ireland), if obstacles to court co-operation will arise from substantive rules, which are particular to preventive restructuring.
If some of these obstacles will be exacerbated in the preventive restructuring context, given that they pertain to existing procedural rules.
JCOERE project Report 1 (reflecting the goals of Workpackage 2 of the Project) will accordingly concentrate on the nature of substantive and procedural aspects that may arise in complex preventive restructuring or rescue regimes as envisaged by the PRD. The Report also focuses on identifying substantive doctrinal and procedural restructuring rules relevant to court-to-court, and to court-to-practitioner co-operation obligations described in the EIR Recast Regulation 2015/848. The Report includes an analysis of pre-existing systems, such as the Irish Examinership process, the French sauvegarde, and the Spanish and Austrian reorganisation and restructuring procedures. In addition, the approaches of other jurisdictions included in the Project Consortium, namely Italy and Romania, will be discussed. In view of the anecdotal evidence of its influence on the drafting of the PRD, and given its popularity of a restructuring destination, the UK is also considered as a benchmarking exercise.
The comparative analysis was extended to other jurisdictions, for example the Netherlands, because of its timely and pre-emptive response to the PRD, and Germany, Poland and Denmark.
https://www.ucc.ie/en/jcoere/research/report1/
This first JCOERE Report examines these initial substantive and procedural aspects arising from the preventive restructuring frameworks. This, together with JCOERE Report 2, will contribute to answering the overall project research question, which asks:
Based on existing experience with restructuring (e.g. Ireland), if obstacles to court co-operation will arise from substantive rules, which are particular to preventive restructuring.
If some of these obstacles will be exacerbated in the preventive restructuring context, given that they pertain to existing procedural rules.
JCOERE project Report 1 (reflecting the goals of Workpackage 2 of the Project) will accordingly concentrate on the nature of substantive and procedural aspects that may arise in complex preventive restructuring or rescue regimes as envisaged by the PRD. The Report also focuses on identifying substantive doctrinal and procedural restructuring rules relevant to court-to-court, and to court-to-practitioner co-operation obligations described in the EIR Recast Regulation 2015/848. The Report includes an analysis of pre-existing systems, such as the Irish Examinership process, the French sauvegarde, and the Spanish and Austrian reorganisation and restructuring procedures. In addition, the approaches of other jurisdictions included in the Project Consortium, namely Italy and Romania, will be discussed. In view of the anecdotal evidence of its influence on the drafting of the PRD, and given its popularity of a restructuring destination, the UK is also considered as a benchmarking exercise.
The comparative analysis was extended to other jurisdictions, for example the Netherlands, because of its timely and pre-emptive response to the PRD, and Germany, Poland and Denmark.
https://www.ucc.ie/en/jcoere/research/report1/
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The Article was written as part of the preliminary research for the Human Centred Business Model Project, a project developed within the Global Forum on Law, Justice and Development and now supported by the OECD Development Centre. In a... more
The Article was written as part of the preliminary research for the Human Centred Business Model Project, a project developed within the Global Forum on Law, Justice and Development and now supported by the OECD Development Centre. In a preliminary fashion, the Article skims the surface of «social» businesses, in the broadest sense, around the world, identifying some general trends and commonalities and some differences. The Article covers jurisdictions from North and South America, Europe, Asia and Australia and describes the organisations that can be used to carry out social business.
Copyright by Società editrice il Mulino, Bologna. Tutti i diritti sono riservati. Per altre informazioni si veda https://www.rivisteweb.it Licenza d'uso L'articoloè messo a disposizione dell'utente in licenza per uso esclusivamente privato e personale, senza scopo di lucro e senza fini direttamente o indirettamente commerciali. Salvo quanto espressamente previsto dalla licenza d'uso Rivisteweb,è fatto divieto di riprodurre, trasmettere, distribuire o altrimenti utilizzare l'articolo, per qualsiasi scopo o fine. Tutti i diritti sono riservati.
Copyright by Società editrice il Mulino, Bologna. Tutti i diritti sono riservati. Per altre informazioni si veda https://www.rivisteweb.it Licenza d'uso L'articoloè messo a disposizione dell'utente in licenza per uso esclusivamente privato e personale, senza scopo di lucro e senza fini direttamente o indirettamente commerciali. Salvo quanto espressamente previsto dalla licenza d'uso Rivisteweb,è fatto divieto di riprodurre, trasmettere, distribuire o altrimenti utilizzare l'articolo, per qualsiasi scopo o fine. Tutti i diritti sono riservati.
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Though now possible, no European state is competing for incorporations, and this is unlikely to happen in a general fashion. In this article I argue, however, that the possibility of one state competing for one specific segment of the... more
Though now possible, no European state is competing for incorporations, and this is unlikely to happen in a general fashion. In this article I argue, however, that the possibility of one state competing for one specific segment of the market for incorporations should not be ruled out altogether. As happened with Nevada in the US, a state could seek to attract companies that are looking for a very protective legal environment for their directors, officers and shareholders or for the company itself. Given the importance of enforcement, I argue that states could compete by capitalising on the inefficiency of their courts, rather than by changing the law on the books. The fact that no investment is necessary would change the perspective on incentives for states to compete: a very small incentive will be needed if the costs are negligible. I also consider the possible drawbacks of such competition and the possible reactions from other states.
Nel concordato preventivo, il professionista di cui all'art. 67, terzo comma, lett. d), deve attestare la fattibili-tà del piano e nel caso in cui non sia previsto il pagamento integrale dei creditori assistiti da prelazione deve redigere... more
Nel concordato preventivo, il professionista di cui all'art. 67, terzo comma, lett. d), deve attestare la fattibili-tà del piano e nel caso in cui non sia previsto il pagamento integrale dei creditori assistiti da prelazione deve redigere una relazione giurata di stima dalla quale risulti che il soddisfacimento non e ` inferiore al realizzo della liquidazione del bene oggetto della garanzia. Alla luce del quadro normativo e degli interessi sottesi alla disciplina, l'espletamento degli incarichi può essere adempiuto dallo stesso esperto.