Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Sommario: 1. Applicazione della regola di passività nelle ipotesi di attuazione del piano industriale dell’emittente. – 2. Il requisito dell’idoneità degli atti e operazioni a contrastare il conseguimento degli obiettivi dell’offerta. – 3. Il requisito della normale attività dell’emittente. – 4. Considerazioni conclusive. --- Abstract: The article aims at analyzing grounds and limitations for the applicability of the so called passivity rule to certain categories of acts, activities and transactions of the target company relating to a pre-existing business plan, to be implemented after the launch of a tender offer over the target’ shares. Keywords: Public Tender Offers-Passivity Rule.  

Sommario: 1. La nozione di transtipicità e le sue ricadute applicative. – 2. L’art. 2467 c.c.; una norma transtipica sul corretto finanziamento delle società lucrative “chiuse”. – 3. Rapporti fra l’art. 2467 c.c. e gli artt. 164 e 383, Cod. crisi. – 4. La P.M.I. in forma di S.r.l. e i suoi profili di trans-tipicità. – 5. I limiti applicativi dell’art. 2467 c.c. alla P.M.I. in forma di S.r.l. ---Abstract: A transtypical rule is a provision that is directly applicable beyond and regardless of the cases the rule is laid down for; an example of transtypical rule is the art. 2467 of Italian Civil code (c.c.), provided for Italian limited liability company (s.r.l.). According to such rule, the repayment of shareholder loans granted in a situation of financial stress of the company is postponed after other creditors’ repayment. Despite its placing under s.r.l. set of rules, art. 2467 c.c. is applicable not only to s.r.l. but also to all small and close companies (which are similar to s.r.l.). Recently, the Italian legislator has provided some exceptional rules for SME and start-up companies which adopt the form of s.r.l. Pursuant to these exceptional provisions, such companies can derogate the common rules of s.r.l. and open up to the capital market themselves to receiving investments. The Author, considering – on one hand – that SME and start-up s.r.l. hasn’t the characteristics of a “common” s.r.l. (few shareholders and close structure), and – on the other hand – the nature of transtypical rules, concludes that art. 2467 c.c., even though it’s provided for s.r.l., is not applicable to “open” SME and start-up s.r.l. Keywords: Transtypical Rule – S.r.l. – 2467 c.c. – Shareholder Loans – SME and Start-up s.r.l. --- (*) Il presente contributo è altresì destinato agli Studi in onore di Oreste Cagnasso, che verranno raccolti nel volume Aa. Vv., La società a responsabilità limitata: un modello transtipico alla prova del Codice della Crisi, in corso di pubblicazione per i tipi di Giappichelli.      

Sommario: 1. Introduzione al tema. – 2. Una breve disamina storica. – 3. La prededuzione e le ragioni dell’economia nelle procedure concorsuali. – 4. La prededuzione e la riforma della legge fallimentare del 2006. – 5. Prededuzione e processo. – 6. L’avvento del codice della crisi. – 7. Dal privilegio alla prededuzione e al superprivilegio. – 8. La trattabilità dei creditori privilegiati nei concordati. – 9. La trattabilità dei crediti prededucibili. – 10. Possibili controindicazioni alla falcidiabilità della prededuzione. – 11. Conclusioni. --- Abstract: The contribution, after a brief historical analysis about super-senior debts, tries to demonstrate that these debts pertain to the company and not to the process, with the result that these debts can only be paid in part inside the judicial agreements Keywords: Liability of the debtor – Competition between creditors – Crisis of enterprise – Super-senior debt – From bankruptcy law to Crisis code – Super-senior debt and civil proceedings – Super-senior debt and judicial agreements.    

Sommario: 1. Premessa. – 2. La norma emergenziale. – 3. Il diritto ante emergenza COVID19. – 3.1 Il “luogo” di convocazione dell’assemblea. – 3.2. Il verbale. – 4. Il diritto ante e post emergenza COVID19. – 4.1. Due equivoci da fugare. – 5. Ulteriori profili di “dematerializzazione” del procedimento assembleare secondo il diritto positivo vigente. – 6. Conclusioni. --- Abstract: In order to allow the meetings of a company, given the emergency situation caused by the COVID19 virus, Article 106, n. 2, Decree Law 18, 17th March 2020 (“Cura Italia”) determined that the meetings can take place “telematically” and also in “purely” telematic way (virtual only). It has been said that it is a “closed doors” meeting, but the emergency provision allows the meeting to take place also exclusively in remote virtual mode, regardless of a statutory clause that allows it, as it would be according to general company law. The exceptional nature of art. 106 sub. 2 of the DL resides in the fact that it allows for such operating modes to be enforced by directors, not chosen by shareholders: casually, when the entire company capital is virtually represented in the meeting; or programmatically, introducing an appropriate statutory clause. In short, the emergency rule cannot impose new or exceptional instruments that would not have been possible in the previous law, the only big difference being that the imposition can come from a simple notification of the meeting decided by the boards [executives in USA; directors in Britain] rather than from the shareholders on the basis of statutory clauses. Keywords: Shareholder’s Meeting – Virtual Only Meeting – Virtual Shareholder Meetings – Notification of the meeting – Statutory clause.  

Sommario: 1. Introduzione. – 2. La prospettiva storico-comparatistica. – 2.1. Il periodo dell’esegesi e il codice civile del 1865. – 2.2. Gli influssi della pandettistica e il codice civile del 1942. – 2.3. L’ascesa dei commentari negli anni settanta e ottanta del secolo scorso. – 3. Una mappatura dei commentari. – 3.1. I grandi commentari. – 3.2. I commentari brevi e gli altri commentari. – 4. Ulteriori generi letterari. – 4.1. I trattati. – 4.2. Le enciclopedie giuridiche. – 5. Il valore dei commentari. La valutazione scientifica e l’utilizzazione nella prassi. – 6. Prospettive future. --- Abstract: The aim of the contribution is to outline the history, the structure and the functions of legal commentaries in the Italian tradition. After a historical introduction, which takes into consideration the relationships between the Italian, the French and the German scholarships, the author exposes the main characteristics of the different types of legal commentaries. The structure and the style of the main publications are put under scrutiny and compared to other literary genres, namely treaties and encyclopedias. The essay tries then to indicate the current “value” of legal commentaries for doctrinal and practice-oriented research purposes. Finally, it discusses the future of the literary genre and its possible implementation in online databases. Key-words: Private Law Methodology – Research – Commentaries – History – Structure – Functions. --- (*) Lo scritto è dedicato alla memoria del Prof. Piero Schlesinger e costituisce la versione italiana di una relazione tenuta il giorno 29 marzo 2019 presso la Westfälische Wilhelms-Universität di Münster, in occasione del convegno “Juristische Kommentare: Literaturformen in rechtsvergleichender Perspektive” (Commentari giuridici: generi letterari in prospettiva comparatistica), organizzato dal Dr. David Kästle-Lamparter e dai Professori Nils Jansen e Reinhard Zimmermann (v. in proposito il resoconto di J. Friedrichs, Juristische Kommentare: Literaturformen in rechtsvergleichender Perspektive, in ZEuP, 2020, p. 231 ss.). Gli organizzatori sono anche i curatori del volume che raccoglie gli atti del convegno: Juristische Kommentare: Ein internationaler Vergleich, Tübingen, 2020. Ringrazio sentitamente i Professori Italo Birocchi, Giorgio De Nova, Enrico Gabrielli e Pietro Sirena per alcune preziose indicazioni confluite nel contributo. Eventuali imprecisioni sono imputabili soltanto all’autore.      

Sommario: 1. La fattispecie. – 2. Le diverse nature dell’upfront. – 3. L’interest rate swap tra contratto di scambio e contratto differenziale. – 4. Della causa dello swap di pagamenti. – 5. Dell’alea bilaterale e dell’alea economica. – 6. Il mark-to-market non è elemento contrattuale di alcun contratto derivato. – 7. Il “par swap” non esiste. I costi impliciti. – 8. Non esiste un obbligo di fair price nei derivati. – 9. I contratti derivati non sono scommesse legalmente autorizzate. – 10. L’art. 23, comma 5, T.u.f. – 11. Conclusioni. --- Abstract: The article analyses the Supreme Court decision dated 12 May 2020 in relation to four interest rate swaps between an Italian Municipality and a bank. The Court states a questionable “regula iuris” which can bring havoc to the European financial community. In a nutshell a Municipality can validly execute an interest rate swap contract only if it is approved by the “Consiglio Comunale” since it constitutes an indebtedness. In addition, the Court states that the swap contract must contain the precise indication of the debt which is hedged by the derivative, the statistical and mathematical formulas used to measure the mark-to-market value and the probabilistic scenarios of the future interest rate level (!). Without such elements the contract is null and void. The “regula iuris” is not adeguately motivated as the Court both fails to understand the derivative instruments underlying principles and it ignores that the Italian law states that the interest rate swap does not constitute a debt. The disappointing decision could bring major negative effects to the financial markets. In fact, although the Court considered a derivative which does not exist, its decision creates a precedent which allows all the parties which paid more than received in an interest rate derivative contract to challenge it. Keywords: Interest Rate Swaps – Validity Requirements of the Contract According to Italian Law