Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

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.