COMPANY LAW
Antonio Nuzzo, Andrea Palazzolo
Antonio Nuzzo
anuzzo@luiss.it
Andrea Palazzolo
apalazzolo@luiss.it
Instructional goals
The specialized course follows thematic paths of a transversal nature, addressing some aspects of the life of companies with the aim of illustrating the discipline in a more in-depth key and oriented towards practical application, through the analysis of jurisprudential cases, so as to be able to develop knowledge and methodologies useful for developing problem solving skills.
Prerequisites
The specialist and professional content of the course assumes knowledge of the main topics of Commercial Law. For this purpose, it is suggested that the student revise the chapters of the books relating to the topics that will be treated weekly in class.
Intended learning outcomes
Knowledge and understanding: the student will acquire in-depth and professionalizing knowledge and methods; he /she will know how to identify the possible risk profiles associated with business decisions taken in violation of existing legislation on the matters.
Ability to apply knowledge and understanding:
the student will be able, through the methodology acquired with the study of practical cases and exercises, to create his own logical legal path for the solution of corporate issues that imply legal assessments, similar to those that he will face in the future as a professional;
Independent judgment: the student will develop a critical awareness in order to understand the risks of the most complex operations.
Communication skills: the student will be able to communicate what he learned.
Learning skills: the student will be able to put into practice the knowledge developed during the lessons.
Course Contents
• Partnerships
• Corporations
• Listed companies
• Cooperatives
• Financial statements
• Operations
• Groups of companies
Reference Books
- A. Nuzzo (a cura di), Casi di diritto societario, Giuffré, 2023
- G. Visentini – A. Palazzolo, Impresa Società Crisi, Giappichelli, 2025.
- Decisions on the issues indicated.
The use of any commercial law textbook is permitted for the review or in-depth study of the arguments covered in the lecture.
Teaching Methods
The teaching methodology is mainly based on an inquiry-based approach.
- Learning: lecture topics are introduced through a brief theoretical overview by the lecturer.
- Discussion and inquiry: after the overview follows the presentation of one or more case studies and the identification of legal issues of interest, in order to discuss and identify possible shared solutions or alternative ones.
- Practice and work: assignment of an individual or group work in which students will be asked to solve legal issues relevant to the topics covered in the lecture.
Assessment Method
Students will be assessed:
on their active participation in discussion and confrontation activities in class (20%);
on the individual/group work assigned (20%);
on their knowledge of institution and demonstration of methodical approach to solve the cases examined, in the final oral examination (60%).
Thesis assignment criteria
Interest in the subject, professional implications
Week 1
Simple partnership
Session 1:
The partnership agreement – relations between partners and towards third parties
Session 2:
Nullity hypothesis - relevance of the contribution for the purposes of the activity – Breach of contribution obligation – Administration and Control.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 31-57
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- P. Pittalà, Società semplice e amministratore estraneo alla compagine sociale, Nota a: Tribunale Roma, 25 agosto 2021, n.4971, Ilsocietario.it, fasc., 10 Giugno 2022;
- G.D. Mosco, L'amministrazione delle società di persone dopo il codice della crisi, Giurisprudenza Commerciale 2021, pag. 605 , fasc. 4.
Week 2
General partnership - limited partnership
Session 1:
Subjectivity and legal personality, the imperfect patrimonial autonomy of the general partnership and limited partnership.
Session 2:
Liability of assets in the General partnership and Limited partnership – interference of the limited partner – issues relating to the exclusion of the sole general partner.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 58-72
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- M. Speranzin, Le società in accomandita semplice in prospettiva comparatistica, Giurisprudenza Commerciale 2022, pag. 553 , fasc. 4.
- N. de Luca, Le azioni di responsabilità nelle società in accomandita semplice, Giurisprudenza Commerciale 2021, pag. 1152 , fasc. 6.
Week 3
Public limited company
Session 1:
Methods of financing the company.
Session 2:
Typical and atypical methods of financing the company – Financing and contributions - Financial organization.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 87-99; 500-502
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- N. Baccetti, Informazione e postergazione tra s.p.a. e nuove s.r.l. che esercitano piccole e medie imprese, Banca Borsa Titoli di Credito, fasc.5, 2019, p. 689;
- Codice Civile Commentato Utet – Leggi d’Italia artt. 2357 ter e 2358 c.c.
Week 4
Public limited company
Session 1:
Corporate governance and adequacy of organisational structures
Session 2:
Business judgement rule and liability of directors and auditors – the denunciation of serious irregularities.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 184-187; 221-270; 285-293.
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- V. Calandra Buonaura, Corretta amministrazione e adeguatezza degli assetti organizzativi nella Società per azioni, Giurisprudenza Commerciale, 2/2020 pp. 439
- I. Capelli, Assetti adeguati, controllo dei sindaci e denunzia al tribunale ex art. 2409 c.c., Le Società 8-9/2020;
- R. Kraakman, The Anatomy of Corporate Law: A Comparative and Functional Approach; Cap. 2 Agency Problems and Legal Strategies;
- C. Picciau, Interessi degli amministratori, operazioni con parti correlate e business judgment rule: brevi riflessioni a margine della giurisprudenza, Nota a: Tribunale Brescia, 11 settembre 2020, Banca Borsa Titoli di Credito, fasc.4, 2022, pag. 556;
- R. Russo, Rassegna di giurisprudenza - Il collegio sindacale nella società per azioni -
Giurisprudenza Commerciale, fasc.4, 1 agosto 2022, pag. 709;
- C. Amatucci, Responsabilità sociale dell'impresa e nuovi obblighi degli amministratori, Giurisprudenza Commerciale, fasc.4, 01.08.2022, pag. 612.
Week 5
Limited liability company
Session 1:
Limited liability company management – individual rights and collective rights
Session 2:
The exclusion of quotaholder – Right of withdrawal – Rights of control
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 471-510.
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- A. Illuminati, L'eccessiva durata di una s.r.l. non legittima il socio ad esercitare il diritto di recesso, Nota a: Cassazione civile, 05 settembre 2022, n.26060, sez. I, Ilsocietario.it, fasc., 14.10.2022;
- R. Guglielmo, Organo Di Controllo Nelle Srl E Nelle Società Cooperative, Rivista del Notariato, fasc.3, 01.06. 2022, pag. 441;
- F. Guerrera, Mancata esecuzione dei versamenti a seguito di sottoscrizione di un aumento di capitale ed esclusione “parziale” del socio di s.r.l., Nota a: Cassazione civile, 21 gennaio 2020, n.1185, sez. I, Giurisprudenza Commerciale, fasc.2, 2022, pag. 523;
Week 6
Listed companies
Session 1:
The listing process and prospectus liability
Session 2:
CONSOB's liability for failure to exercise or negligence in the exercise of its supervisory powers.
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- G. Strampelli, A. Zoppini, Opa volontaria e accordi preventivi tra l'offerente e i soci rilevanti dell'emittente, Banca Borsa Titoli di Credito, fasc.3, 106.2022, pag. 356;
Week 7
Listed companies
Session 1:
The Regulation of Shareholders' Agreements in Listed Companies
Session 2:
Takeover bids
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- A. Triscornia, Il diritto di recesso dai patti parasociali in presenza di un'OPA totalitaria non è senza confini, Rivista delle Società, fasc.5-6, 01.10.2021, pag. 1228.
Week 8
Cooperatives
Session 1:
The capital vote, member participation in company management. Financial instruments in cooperatives with limited liability.
Session 2:
Prevalently mutual cooperatives – Right of withdrawal
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 511-521
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- A. Palazzolo, Gli strumenti finanziari nelle cooperative, in Covenants, Strumenti Finanziari, Sovraindebitamento, in Quaderni del Master in Diritto di Impresa/Serie Monografie, Collana diretta da G. Visentini e coordinata da A. Palazzolo, Discendo Agitur 2012, pp. da 82 a 106;
- R. Bencini, Perdita della mutualità prevalente e devoluzione al fondo mutualistico: il nodo è sciolto, Nota a: Cassazione civile, 28 luglio 2022, n.23602, sez. I, Diritto & Giustizia, fasc.136, 2022, pag. 11.
Week 9
Financial statements
Session 1:
The principles of preparation – formal defects and substantial defects
Session 2:
Opposition to the resolution approving the balance sheet
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 418-434
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- A. Ponzio, Effetti dei climate-related risk sui bilanci, Bilancio e revisione, 3/2022, p. 35.
- L. De Angelis, I bilanci d'esercizio secondo il codice civile e gli Ias/Ifrs: una confusione che deve finire, Rivista delle Societa', fasc.1, 01 02.2022, pag. 170.
Week 10
Operations
Session 1:
Merger - Demerger - Transformation
Session 2:
Invalidity and creditors' opposition in operations.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 338-375
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- A. Busani, F. Urbani, Operazioni Straordinarie: La Fusione, Le Società 3/2018, Pag. 354;
- L. Abete, Risanamento dell’impresa E Operazioni Straordinarie: Profili Sostanziali, Il Fallimento 10/2017, p. 1041.
Week 11
Groups
Session 1:
Direction and coordination activity –
Intra-group financing
Session 2:
Liability from direction and coordination – compensatory benefits – right of withdrawal and motivation of decisions.
G. Visentini- A. Palazzolo, Impresa Società Crisi, pp. 320-337
Workshops / Breakout sessions:
Case law analysis - Analysis of teaching materials
Readings for non-attending students:
- E. Marchisio, «Gruppo» ed «eterodirezione» nel Codice della crisi d'impresa e dell'insolvenza, Giustizia Civile, fasc.2, 01.02.2022, pag. 335.
Week 12
Corporate crisis law, compliance and sustainability
Session 1:
Compliance and sustainability as crisis prevention and containment tools – Interdisciplinary perspectives – Method
Session 2:
Debate with outside guests
Readings for non-attending students:
- P. Benazzo, Il Codice della crisi di impresa e l'organizzazione dell'imprenditore ai fini dell'allerta: diritto societario della crisi o crisi del diritto societario? Rivista delle Società, fasc.2, 2019;
- Nuzzo Antonio, Parmalat, Alitalia e simili: occupazione, risparmio e via italiana nella gestione delle crisi d'impresa, in Analisi giuridica dell'economia, 2009, fasc. 1, pp. 105-113;
- Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili, Crisi d’impresa gli indici dell’allerta, ottobre 2019;
- P. Montalenti, Il Codice della Crisi d'impresa e dell'insolvenza: assetti organizzativi adeguati, rilevazione della crisi, procedure di allerta nel quadro generale della riforma, Giurisprudenza Commerciale, fasc.5, 2020.