he main feature of the new “debt restructuring agreement with banks and financial intermediaries” (introduced by Law-Decree No. 83 of June 27th, 2015, a device similar to the scheme of arrangement) is the possibility for a qualified majority of creditors to impose its decision on the minority. The article analyses the new legislation. The author believes that this kind of agreement is based on a genuine majority-decision system. The consequence of this qualification is the application of classical company law rules that apply in majority-based decision making, such as the rule that the interests of voters be homogeneous and the rules on conflicts of interest. The article addresses, in particular, the issues arising with regard to the division into categories (classes) of homogeneous creditors and the ability to overcome the dissent both of non-homogeneous creditors and of homogeneous creditors who hold out opportunistically.
L’accordo di ristrutturazione con banche e intermediari finanziari (art. 182-septies l. fall.): le categorie di creditori e l’efficacia nei confronti dei non aderenti / Zorzi, Andrea. - In: IL DIRITTO FALLIMENTARE E DELLE SOCIETÀ COMMERCIALI. - ISSN 0391-5239. - STAMPA. - I:(2017), pp. 405-434.
L’accordo di ristrutturazione con banche e intermediari finanziari (art. 182-septies l. fall.): le categorie di creditori e l’efficacia nei confronti dei non aderenti
ZORZI, ANDREA
2017
Abstract
he main feature of the new “debt restructuring agreement with banks and financial intermediaries” (introduced by Law-Decree No. 83 of June 27th, 2015, a device similar to the scheme of arrangement) is the possibility for a qualified majority of creditors to impose its decision on the minority. The article analyses the new legislation. The author believes that this kind of agreement is based on a genuine majority-decision system. The consequence of this qualification is the application of classical company law rules that apply in majority-based decision making, such as the rule that the interests of voters be homogeneous and the rules on conflicts of interest. The article addresses, in particular, the issues arising with regard to the division into categories (classes) of homogeneous creditors and the ability to overcome the dissent both of non-homogeneous creditors and of homogeneous creditors who hold out opportunistically.File | Dimensione | Formato | |
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Zorzi, Accordo di ristrutturazione con banche e intermediari finanziari (Dir fall 2017).pdf
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