Crisi e insolvenza delle società a partecipazione pubblica

Article 14 of the Italian Comprehensive Law on State and Local Authorities-Owned Corporations (Legislative Decree no. 175/2016) [enacting Article 18, para 1, letters a) and b) of the Act no. 124/2015, issued by the Government under Parliamentary delegation and concerning the reorganisation of Public Administration]), provides that Bankruptcy Law’s rules, including the rules governing Creditors’ Agreements and the Extraordinary Administration Procedure of large insolvent Corporations, apply to State and Local Authorities-Owned Corporations. This study addresses aims and scope of application of the special companies’ crisis’ regulation introduced by the mentioned Article 14. This study also focuses on the Directors’ conduct in preventing and facing the firm’s insolvency and the way that the Public shareholders intervene (for example, through loans, capital increases and loss coverage). Moreover, while pointing out that the legislator’s intervention is both useful and appropriate, this article underlines the difficulties in interpreting the provisions drafted in this field, which are not always consistent with the provisions of the Civil Code or Bankruptcy Law.