The thesis analyzes the topic of compensatory advantages in groups of companies, which take up a long-established doctrinal theory that has also managed to establish itself at the legislative level with the enactment of Article 2497, paragraph 1, second sentence, of the Civil Code as well as - more recently - with the introduction of said provision also within the Code of Corporate Crisis and Insolvency. These advantages configure an exemption from liability for the parent company that, acting in its own or others' entrepreneurial interests in violation of the principles of proper corporate and entrepreneurial management, has caused economic damage to the profitability and value of the shareholding, as well as to the integrity of the assets, in the hypotheses in which the damage is lacking in the light of the overall result of the management and coordination activity or entirely eliminated even as a result of operations directed to that aim. In fact, in a changing and dynamic reality such as that envisaged in groups of companies, it is necessary to recognize the usefulness of a mechanism capable of balancing the economic prejudice that may be realized to the detriment of one or more heterodirected companies. However, for compensatory benefits to actually prove their real practical applicability, it is necessary to provide a wide-ranging reading of them, one that is not limited to foreshadowing present benefits that zero out the harm by virtue of merely arithmetical operations but that also allows for embracing the hypotheses in which the benefits are justifiably foreseeable, the cases in which it is reasonable that they will occur (but not certain), and the time horizon is not confined to the present but takes into account the medium and long term. In this way, the usefulness of the exemption envisaged by the legislature takes on a different significance and also allows such advantages to be given a central role in the perspective of group synergies.
La tesi analizza l’argomento dei vantaggi compensativi nei gruppi di società, i quali riprendono una teoria dottrinale radicata nel tempo che è riuscita ad affermarsi anche a livello legislativo con l’entrata in vigore dell’art. 2497, comma 1, secondo periodo, c.c. nonché – più recentemente – con l’introduzione di detta previsione anche all’interno del Codice della Crisi d’Impresa e dell’Insolvenza. Detti vantaggi configurano un’esimente da responsabilità per la società capogruppo che, agendo nell’interesse imprenditoriale proprio o altrui in violazione dei principi di corretta gestione societaria ed imprenditoriale, abbia cagionato un pregiudizio economico alla redditività ed al valore della partecipazione sociale, nonché all’integrità del patrimonio, nelle ipotesi in cui il danno risulti mancante alla luce del risultato complessivo dell’attività di direzione e coordinamento ovvero integralmente eliminato anche a seguito di operazioni a ciò dirette. Infatti, in una realtà mutevole e dinamica come è quella prospettata nei gruppi di società, occorre riconoscere l’utilità di un meccanismo atto a bilanciare i pregiudizi economici che potranno realizzarsi a detrimento di una o più società eterodirette. Tuttavia, perché effettivamente i vantaggi compensativi possano dimostrare la loro reale portata applicativa pratica è necessario fornire una lettura di ampio respiro degli stessi, che non si limiti a prefigurare benefici attuali che azzerino i danni in virtù di operazioni meramente aritmetiche ma che consenta di abbracciare anche le ipotesi in cui i vantaggi siano fondatamente prevedibili, i casi in cui è ragionevole che si verifichino (ma non certo) e l’orizzonte temporale non sia circoscritto all’attualità ma tenga conto del medio e lungo termine. In questo modo, l’utilità dell’esimente prevista dal legislatore assume un rilievo diverso e consente anche di attribuire un ruolo centrale a detti vantaggi nell’ottica delle sinergie di gruppo.
I vantaggi compensativi nei gruppi di società / Trapani, MARIA CONCETTA. - (2022 Oct 24).
I vantaggi compensativi nei gruppi di società
TRAPANI, MARIA CONCETTA
2022-10-24
Abstract
The thesis analyzes the topic of compensatory advantages in groups of companies, which take up a long-established doctrinal theory that has also managed to establish itself at the legislative level with the enactment of Article 2497, paragraph 1, second sentence, of the Civil Code as well as - more recently - with the introduction of said provision also within the Code of Corporate Crisis and Insolvency. These advantages configure an exemption from liability for the parent company that, acting in its own or others' entrepreneurial interests in violation of the principles of proper corporate and entrepreneurial management, has caused economic damage to the profitability and value of the shareholding, as well as to the integrity of the assets, in the hypotheses in which the damage is lacking in the light of the overall result of the management and coordination activity or entirely eliminated even as a result of operations directed to that aim. In fact, in a changing and dynamic reality such as that envisaged in groups of companies, it is necessary to recognize the usefulness of a mechanism capable of balancing the economic prejudice that may be realized to the detriment of one or more heterodirected companies. However, for compensatory benefits to actually prove their real practical applicability, it is necessary to provide a wide-ranging reading of them, one that is not limited to foreshadowing present benefits that zero out the harm by virtue of merely arithmetical operations but that also allows for embracing the hypotheses in which the benefits are justifiably foreseeable, the cases in which it is reasonable that they will occur (but not certain), and the time horizon is not confined to the present but takes into account the medium and long term. In this way, the usefulness of the exemption envisaged by the legislature takes on a different significance and also allows such advantages to be given a central role in the perspective of group synergies.File | Dimensione | Formato | |
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