Prestiti obbligazionari e postergazione legale dei crediti

Translated title of the contribution: [Autom. eng. transl.] Bonds and legal subordination of credits

Research output: Chapter in Book/Report/Conference proceedingChapter


[Autom. eng. transl.] The essay starts from some jurisprudential decisions in which the judges were called to decide whether the credits for the repayment of bonds subscribed by the shareholders of the issuing spa were or not subject to the discipline of the legal deferment of the shareholders' loans expressly provided for the srl. The essay first dealt with the issue of the application of legal subordination to the financing of spa shareholders. Having identified the regulatory elements on which a positive response to this first question can be based, the discussion turned to the spa bonds, concluding that they do not have such specialty characteristics as to subtract them from the discipline of art. 2467 of the Italian Civil Code , within the limits in which the legal subordination is also applicable to the spa. The essay also takes into consideration the changes to the legal subordination discipline introduced by the Corporate Crisis Code.
Translated title of the contribution[Autom. eng. transl.] Bonds and legal subordination of credits
Original languageItalian
Title of host publicationPatrimonio sociale e governo dell’impresa. Dialogo tra giurisprudenza, dottrina e prassi in ricordo di G.E. Colombo
Number of pages21
Publication statusPublished - 2020


  • Debt securities
  • Obbligazioni
  • claims subordination
  • company
  • postergazione legale
  • spa


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