Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Rivista del diritto commerciale and Authors’ Rights in Europe in the Early decades of the Twentieth Century – The author focuses on the role played by the Rivista del diritto commerciale with regard to the authors’ rights in the first three decades of the 20th century. Indeed, between 1903 and the promulgation of the 1941 law, authors’ rights in Italy and Europe are featured by some major issues, relating to the uniformity of their duration, to the rise of moral rights, and to the internationalization process. In particular, the Rivista follows and at times influences the formation and development of authors’ rights in the following three moments. The first (1903-1915) is characterized by the tendency to standardize duration along with the analysis of new means of reproduction and their impact on case law; the second (1916-1926) by the study and commentary of the drafts and the new 1925 law, which saw the triumph of moral rights; the third (1927-1939) by the affirmation of the internationalization of authors’ rights, especially during the Roman revision of the Berne Convention. In that period, the Rivista represented undoubtedly a point of reference for legal science and case law in the field of authors’ rights, highlighting some of their key and most significant aspects.  

Sommario: 1. Premessa. La Rivista del diritto commerciale e i problemi degli autori – 2. L’uniformazione della durata dei diritti esclusivi – 3. La tutela dei diritti morali – 4. L’internazionalizzazione del diritto d’autore  

Keywords: Rivista del diritto commerciale — Authors’ Rights — 1903-1939.

Abstract: La Rivista del diritto commerciale and the evolution of competition law – The paper discusses the contributions of the Journal to the debates about competition laws. It proceeds backwards, dealing first with the era of full-fledged antitrust (1990-2023), secondly with the uncertainties of the protracted age of “apparent compliance” (1948-1989) all the way back to the birth of this area of law (1900-1945). While dealing with the often outstanding contributions from the Journal articles to the development of this crucial branch of law, it also brings back the focus on less remembered stages of its development, including a phase which has been aptly described as “the brief infancy” of competition law, suddenly truncated by the First World War and by the rise of fascism. A look into the future of antitrust and regulation within digital and algorithmic ecosystems concludes.  

Sommario: 1. Il percorso (a ritroso) – 2. L’epoca del diritto della concorrenza a vele spiegate (1990-oggi) – 3. Il periodo della “convergenza apparente” (1948-1989) – 4. L’“infanzia breve” del diritto della concorrenza (1900-1915) – 5. Uno sguardo sul futuro  

Keywords: Law History — Competition Law — Antitrust.

Abstract: Considerations on retention of title in the sale of corporate shares – The essay examines the institution of sale with retention of title in general, with particular attention to the legal implications for both the seller and the buyer with reserved ownership. The inquiry then investigates the possibility that, when such a type of sale involves corporate shares, articles 2352 and 2471 bis of the Italian Civil Code may be analogically applied, reasoning in light of the so-called principle of indivisibility of corporate participation. The study also aims to highlight the opportunity to adopt a methodological perspective geared towards the mutual integration of civil and commercial law.  

Sommario: 1. La recente ascesa dell’istituto della riserva della proprietà. Applicazioni dell’istituto alla cessione di partecipazioni sociali: per una reciproca integrazione fra diritto civile e commerciale – 2. Le diverse tesi circa le situazioni giuridiche soggettive determinate dal patto di riservato dominio. Adesione alla tesi della c.d. aspettativa reale in capo all’acquirente – 3. Patto di riservato dominio ed esercizio dei diritti inerenti alla partecipazione. Fra principio di inscindibilità ed applicazione analogica dell’art. 2352 cod. civ. (e dell’art. 2471 bis cod. civ.) – 4. Le ragioni dell’analogia e le conseguenze sulla spettanza del diritto di voto – 5. Cenni ad ulteriori problemi aperti: sorte di altri diritti amministrativi e patrimoniali

Keywords: sale with retention of title — corporate shares and retention of title — principle of indivisibility of corporate participation.

Abstract: Financial contributions and personal guarantees in the concordato preventivo –The paper discusses how financial support offered by third parties to distressed business debtors in judicially supervised reorganization proceedings – specifically, the «concordato preventivo» – is regulated under Italian law, comparing it with personal guarantees and emphasizing similarities and differences between the two arrangements. It argues that art. 84, para 4, of the Italian Business Crisis and Insolvency Code (Codice della crisi e dell’insolvenza delle imprese) implicitly codifies a new nominate contract by imposing that the winding up plan shall entail a financial contribution by third parties that increases the total amount of assets available for creditor payments by at least 10%. Under this agreement the third party is either not entitled to claim the repayment of their contribution or has a claim that is subordinated to those of pre-existing creditors. The article further examines the standing of the insolvency practitioner to enforce the debtor’s claim against the third-party financer, particularly in the event that the reorganization plan fails before the contribution is executed, also analyzing the standing of the insolvency practitioner to enforce personal guarantees issued in the framework of reorganization proceedings.  

Sommario: 1. Perimetro e scopo dell’analisi – 2. L’“intervento” del terzo nel concordato tra tipologie empiriche e fattispecie normative: garanzia e assunzione – 3. (segue): l’apporto di risorse da parte di terzi – 4. Finanza esterna e “neutralità” per il patrimonio del debitore: la tipizzazione dello schema negoziale negli artt. 84-74-100 c.c.i.i. – 5. (segue): le regole di utilizzabilità dell’apporto tra “provenienza” e intestazione formale – 6. La legittimazione del curatore a ottenere l’adempimento dell’impegno ad apportare risorse esterne in quanto diritto “della massa” – 6.1. Legittimazione del curatore ad agire nei confronti del terzo tra diritti del debitore e diritti dei creditori: gli interessi in gioco – 6.2. La legittimazione del curatore per l’esecuzione dell’impegno ad apportare risorse – 7. (segue): la legittimazione del curatore a ottenere l’adempimento delle garanzie – 8. Conclusioni  

Keywords: Insolvency — Reorganization proceedings — concordato preventivo — financial support — guarantees — new finance — superpriority — standing of the insolvency practitioner.

Abstract: Directors’ duties in the vicinity of insolvency: a comparative approach – It is well known that whenever a company is likely to become insolvent, there is an increase of the risk of opportunistic conducts to the detriment of corporate creditors. The legal systems worldwide resort to various means to limit this risk. For example, various incentives may be provided to anticipate the early emergence of the crisis, channeling it into dedicated procedures. On the other hand, the liability regime of directors for acts performed in the vicinity of insolvency shall be aggravated. The substantial unity of the problems posed by this subject matter confirms the usefulness of a comparative approach. The present paper analyzes the directors’ duties from different points of view. First, from a teleological standpoint, it analyzises the moment from which directors must take into account the interests of corporate creditors. In the second place, it investigates the content of managerial duties and finally whether directors retain a certain amount of discretion in a situation of crisis or not.  

Sommario: 1. Introduzione – 2.1. Analisi comparatistica – 2.2. L’ordinamento statunitense – 2.3. L’ordinamento inglese – 2.4. L’ordinamento tedesco – 2.5. Risultati dell’analisi comparatistica: prime conclusioni – 3.1. Il sistema italiano – 3.2. L’orientamento funzionale dei doveri gestori nella crisi – 3.3. La diligenza e la discrezionalità gestoria – 3.4. Il sindacato giudiziale sull’adeguatezza degli assetti – 4. Conclusioni

Keywords: Directors’ duties — Vicinity of insolvency — Italian Bankruptcy Law — Shift of duties — Business judgment rule.