Shareholders position in the restructuring proceedings of the distressed companies: from the veto power to the duty of bearing (Aufopferungs- or Duldungspflicht)?
- Autores: Lorenzo Benedetti
- Localización: Las reestructuraciones de las sociedades de capital en crisis / coord. por Nuria Bermejo Gutiérrez, Aurora Martínez Flórez, Andrés Juan Recalde Castells, 2019, ISBN 9788413086187, págs. 179-205
- Idioma: inglés
- Texto completo no disponible (Saber más ...)
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Resumen
The article deals with the problem of equity holders' position in restructuring proceedings. Such a matter is new in the insolvency law of all European countries, where innovative rules about this topic have been introduced in Germany (ESUG), France (Loi Macron), Spain (Ley concursal). Moreover, new rules about this issue are provided by the EU directive about preventive restructuring frameworks. All these rules try to achieve the same aim, nevertheless using different tools: to overcome shareholders' veto power in the enforcement of restructuring proceedings due to their competence –pursuant to company law– to approve structural operations regarding –i.e., operations whit an impact on the property structure of– the distressed company. The work deals with the rules about shareholders' positions provided by article 163, paragraph 5 and 185, paragraph 6 of Italian bankruptcy law (I.b.l.) since 2015 –which will be replaced within August 2020 by art. 90 e 118 of the new Italian crisis and insolvency code (I. crisis c.), approved at the beginning of 2019– and it will compare that regulation with the ones of other foreign legal system. Many issues arise from the new Italian regulation, regarding its field of application, its relationship and its coordination with the company law, the protection of shareholders' right.
