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Su “il ragionamento giuridico” di giuseppe terranova
Abstract: On Giuseppe Terranova’s “Il ragionamento giuridico” – Speech in a presentation meeting of Giuseppe Terranova’s essay on “Juridical reasoning”. It illustrates the essential features of this book, starting from a consideration of the characteristics of the normative language and discussing the context and the tools used by the interpreter’s work.
Sommario: 1. Premessa – 2. Diritto commerciale e teoria generale del diritto – 3. La porosità del linguaggio – 4. Il contesto e lo scenario – 5. Concetto e tipo – 6. La comparazione – 7. Significato canonico e ragionevolezza – 8. Un saluto
Keywords: Juridical reasoning — Interpretation.
Ermeneutica e contesto nel “ragionamento giuridico” di giuseppe terranova
Sommario: Ermeneutica e contesto nel “ragionamento giuridico” di giuseppe terranova
La circolazione dei valori mobiliari su blockchain
Abstract: The Securities Transfer on Blockchain – The Digital Finance Package does not regulate but recognizes the securities tokens circulating on the blockchain. The effects of the circulation are defined by national laws. Our legal order needs a legislative intervention on effects of digital circulation of securities tokens on the blockchain. The legislation should define various political and technical issues. The contribution focuses on them.
Sommario: 1. Introduzione – 2. Le condizioni per la circolazione dei valori mobiliari su blockchain – 3. Dalla dematerializzazione alla tokenizzazione dei valori mobiliari – 4. Le scelte di regolazione di rilievo gius-commercialistico – 5. Note conclusive
Keywords: Finance Package — Securities Tokenization — Transfer Regime.
Il diritto della crisi oggi fra tradizione e innovazione
Abstract: Insolvency law today between tradition and innovation – The A. examines the evolution of insolvency law, trying to catch in an overall consideration – after having focused on the characteristics acquired over time – the most relevant problematic nodes that the matter has presented and presents today. In this key the A. deals with the relationship between private autonomy and public power, the relationship between the interests of creditors, the interests of the debtor, the interest in the preservation of the company and external interests, the relationship between insolvency law and general corporate law, the growing number of exceptions to the par condicio creditorum, the principles of the universality of the debtor’s patrimonial responsibility, the respect of the order of pre-emption causes.
Sommario: 1. Note introduttive: origini, evoluzione e connotati del diritto della crisi. – 2. I nodi problematici più rilevanti: autonomia privata e potere pubblico. – 3. (Segue) Interessi dei creditori, interessi del debitore, interesse alla conservazione dell’impresa, interessi esterni. – 4. (Segue) Diritto della crisi e diritto societario generale. – 5. (Segue) Principi della par condicio creditorum, dell’universalità della responsabilità patrimoniale del debitore e del rispetto dell’ordine delle cause di prelazione e loro “cedevolezza”. – 6. Note conclusive.
Keywords: Private autonomy — Public powers — Creditors’ interests — Debtor’s interests — Enterprise conservation — Corporate law — Par condicio creditorum — Universal patrimonial responsibility of the debtor — Order of causes of preference — EU directive.
Abstract: The right to information and consultation of minority shareholders in a group of companies in Delaware General Corporation Law and in Italian Law – The article deals with the issue of the right to information and consultation of minority shareholders in a group of companies, with respect to companies not directly participated by them. The work, starting from a recent judgment of the Delaware Court of Chancery and a comparison with the Delaware regulatory system, is aimed at formulating a reconstructive proposal of the shareholder’s right to information in groups. The article highlights how recent Italian case law only apparently seems to show an openness towards the recognition of the right to shareholder information in groups with regard to companies that are not directly participated, actually regulating the case in the same terms as those provided for single companies. After noting that the right to information and consultation is functional to the exercise of the rights attributed to the shareholder, the article shows how the shareholder in groups may be bearer of interests worthy of protection that are different from those emerging in the context of a single company. In view of this diversity of positions, the extent of such a right should be as to allow the shareholder to satisfy his interests deserving of protection in the group context, within the limits of the right of confidentiality in favour of the company.
Sommario: 1. Il diritto di informazione e di consultazione dei soci esterni nei gruppi di società: uno sguardo verso il sistema normativo del Delaware alla luce di una sentenza della Court of Chancery. – 2. Il § 220 del Delaware General Corporation Law: inspection of books and records. La diversa impostazione della disciplina del Delaware rispetto al nostro sistema normativo. – 3. Il diritto di informazione dei soci esterni rispetto alle società del gruppo e gli approdi (non condivisibili) della nostra giurisprudenza. – 4. (Segue) L’evoluzione della giurisprudenza e la (solo) apparente apertura al diritto del socio di ottenere informazioni relative alle società del gruppo. – 5. Il riconoscimento del rilievo centrale dell’interesse meritevole di tutela del socio al fine di una proposta ricostruttiva del diritto di informazione e di consultazione (anche) nei gruppi – 6. L’interesse avente ‘rilevanza di gruppo’ nella disciplina della direzione e coordinamento e negli altri casi non espressamente previsti dal legislatore. – 7. (Segue) Le ragioni di infondatezza dei tradizionali argomenti volti a negare, o a limitare, il riconoscimento del diritto di informazione e consultazione del socio verso le altre società del gruppo. – 8. Conclusioni e corollari dell’impostazione proposta.
Keywords: group of companies — right to information and consultation of shareholders — Delaware General Corporation Law — interests worthy of protection of shareholders — confidentiality of the companies.
Il pegno «anomalo» (riflessioni intorno alla ristampa della monografia di enrico gabrielli)
Abstract: Il pegno «anomalo» (considerations about Enrico Gabrielli’s book recently reprinted) – This paper is an introduction to an orientated reading of the book Il pegno «anomalo», published in 1990 by Enrico Gabrielli and recently reprinted by the University of Camerino (ESI, Naples, 2022). Reading highlights the fondamental importance that the ideas contained in the book have had for the construction of a new theory of securities over movables and of the pledge in particular. The mechanism of transferring possession, in traditional security law, has characterised the institution of pledge, and this has in its turn ended up characterising – in one of those peculiar events that have marked the history of institutions – the security on goods system, as well as in a wider context the security over corporal movables. In Enrico Gabrielli’s ideas and theory, the rigidly formal mechanism of security, and particularly the delivery of possession with pledge, has been devalued and, at the same time, the autor shows that the transfer of possession from the debtor, that is, the transfer of the object or of the document, to the creditor does not appear to be an essential aspect for the creation of a security interest. He argues that the rigidly formal mechanism of security, and particularly the delivery of possession with pledge, provided for the needs of a pre-capitalistic economy, where the first, if not sole, index of the existence of security was linked to the mechanism of the traditio rei and of the possession of goods. That system in 1990 turns out to be anachronistic and removed from the modern reality of commercial contracts and of their economic and functional needs, as it is shown by the growing use of techniques and forms alternative to the classic ones of pledge and mortgage. The author shows as in the Italian experience on securities over movables is possible, already at that time, to overcome the problem of the extension of security to the products that derive from the transformation of goods performed by the contractor and on the credits of which he becomes owner after they are sold. He develops the theory of pledge (and more generally of security interest on movables) without delivery of possession and the theory of ‘pegno rotativo’, which disregarded the need for material delivery of possession of assets with pledge and allowed the rotation of the security interest on the assets in question of the loan. Ideas and perspectives of investigation which, after a short time from the publication of the volume, have been implemented both by the jurisprudence of the italian Supreme Court, both by the national legislator and by the European one for the creation of a new legislative system of securities interest over movables.
Sommario: 1. La forza di una intuizione magistrale. – 2. Garanzia e rischio. Rotatività. 3. Dal pegno classico e possessorio alla anomalia più radicale e tuttavia razionale. – 4. La base registrale della garanzia moderna e razionale. – 5. Tipizzazione v. atipicità. – 6. Il valore della flessibilità. – 7. Conclusione.
Keywords: Introduction to the reprint of the book Il pegno «anomalo» — Pledge — Security interest on movables — Pledge without delivery of possession — Pledge “rotativo”.
Abstract: Cash pooling in Italian company groups: a contractual approach – This essay aims at analyzing cash pooling contracts in corporate groups. Firstly, the article sets out the reasons why formalizing agreements between the parent company and its subsidiaries appears to be a better governance solution. However, the complexity of such phenomenon and the differences between existing contracts make it impossible to assume a single model-contract, fit for all kinds of cash pooling. Against this backdrop, the essay deals with some core and most widespread clauses, as well as with the intertwining between corporate cash pooling contracts and bank account contracts through which cash pooling is performed.
Sommario: 1. Il fenomeno cash pooling e le sue contraddizioni: fra vantaggi di tipo economico e problemi di natura giuridica. – 2. Segue. Le difficoltà di «messa a fuoco» dell’operazione nell’attuale contesto (normativo e operativo). – 3. Parzialità dell’attuale stato dell’arte. Transito verso il contratto. – 4. – Modelli di cash pooling «organizzativi» e «contrattuali» a confronto. La maggiore efficienza dell’opzione di tipo «contrattuale». – 5. Incompatibilità dell’approccio della letteratura corrente con la complessità del reale. Polimorfismo e pluralità dei contratti di cash pooling. – 6. Articolazioni strutturali e variabilità causale. Il «coordinamento dell’impresa di gruppo» quale unico, generico, sostrato comune. – 7. Dall’approccio contrattuale ai singoli modelli di cash pooling: l’operazione zero balance «con affidamento esclusivo alla pooler». – 8. Il problema degli spostamenti di liquidità fra i vari conti nel rapporto «esterno» fra banca e società del gruppo. – 9. Il problema dell’inquadramento degli spostamenti centrifughi e la sua rilevanza contabile. – 10. La solidarietà passiva delle periferiche rispetto agli spostamenti centripeti.
Keywords: Company Groups — Control over subsidiaries — Contracts — Cash Pooling — Bank.
Investimenti all’estero, accordi e giudizi
Abstract: Foreign Investements, Agreements and Judgments – A standardized method for the definition of foreing investment is still lacking. Therefore, the purpose of this article is, first of all, to deepen observation of the foreign investment in the bilateral investment treaties and in the ICSID investment arbitration case-law. Then, it concerne the use of diplomatic protection and international investment arbitration as a means of vindicating the rights of foreign investors. Afterwards, the research examines the topic of investment localization. The essay concludes by emphasizing the need for a new balance of investment interests conceived in a global dimension.
Sommario: 1. L’investimento all’estero: problemi, locuzione e precisazioni. – 2. Dalla property all’every kind of assets nell’esperienza degli accordi bilaterali. – 3. Gli indici dell’investimento nel sistema del Centro internazionale per la risoluzione delle controversie. – 4. Le tecniche di approvvigionamento delle risorse in un ordinamento singolare. – 5. Gli strumenti di tutela: protezione diplomatica v. arbitrato. – 6. La «localizzazione» dell’investitore ai fini della giurisdizione del Centro. – 7. La «localizzazione» dell’investimento nel momento della nazionalizzazione. – 8. Sommario dei risultati e impressioni conclusive.
Keywords: Foreign Investments — Foreign Investment Law — International Investment Arbitration.
Abstract: Shareholder exit from the company in crisis: the new content of article 116 c.c.i.i. – The article analyzes the exit of the shareholder from the company as a result of extraordinary transactions carried out during an arrangement with creditors. It is divided into two parts. The first part contains a brief description of the shareholder’s right of withdrawal in extraordinary transactions made by companies in crisis, starting from the discipline of the old bankruptcy law and going through all the changes that have affected the insolvency matter in recent years, including the amendment of Article 116 c.c.i.i. The second part of the work is intended to provide alternative ways of interpreting the rule introduced with the reform to the Article 116, co. 5, c.c.i.i. according to which the shareholder’s right of withdrawal «is suspended» until the plan is implemented. The last part of the article proposes a way of interpretation inspired by a comparison with French law.
Sommario: 1. Introduzione. – 2. I dati normativi e la loro evoluzione. – 3. Alcune questioni preliminari relative alle operazioni straordinarie in concordato preventivo: il “diritto al voto” e il nuovo art. 116 c.c.i.i. – 4. L’antecedente storico dell’art. 116, comma 5, c.c.i.i.: le posizioni della dottrina nel silenzio della vecchia legge fallimentare. – 4.1 Operazione straordinaria deliberata durante la procedura di concordato preventivo. – 4.2 Operazione straordinaria deliberata in esecuzione del piano di concordato preventivo. – 5. Il quinto comma dell’art. 116 c.c.i.i. e la «sospensione» del diritto al recesso: alcune proposte intepretative. – 5.1 Interpretazione “estensiva” e “restrittiva”. – 6. L’esperienza francese: l’obligation de quitter la société en difficulté. – 7. Una terza via interpretativa.
Keywords: Insolvency — Agreements with creditors — Merger — Demerger — Transformation of companies — Shareholders — Exit.
Sommario: Le misure protettive del codice della crisi: disciplina e margini temporali d’accesso nel concordato preventivo (nota a tribunale di roma del 4 novembre 2022)
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