On 24 October 2022, the Italian Supreme Court issued judgment No. 31402/2022, ruling on the shareholder's legal standing to object to the approval of a bankruptcy arrangement pursuant to article 129 of Royal Decree No. 267 of 16 March 1942 (the "Bankruptcy Law"). The Court confirmed the principle already upheld by previous case law, according to which shareholders are not entitled to file an objection to the approval of a bankruptcy arrangement unless they point out the concrete negative impact that the solution offered would have on their substantial interest (i.e., realising the value of their shareholding, through liquidation).
Originally published by March, 2023
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.