Instructional goals
The course focuses on the limited companies with the purpose of illustrating the discipline for its practical application. The aim is to give the student the ability to integrate interdisciplinary knowledge, linking legal and business subjects. Several points of connection will also be offered with respect to tax and bankruptcy regulations, given the relevance of these profiles for the business management. Since the specialized nature and professional guidance of the course, priority will be given to issues of greater importance for financial and organizational management, compared to issues more typically oriented to judicial actions. The course is based on a combined system of learning types: acquisition, inquiry, discussion, collaboration, practice, production. The course is structured on two weekly lessons (sessions) that will take place remotely and on campus. In the online sessions, a learning method will be preferred aimed at making students acquire the knowledge of the subject, with moments of reflection and discussion with respect to some survey themes. In the on-campus sessions, a learning method will be preferred aimed at creating collaboration between students divided into groups, with the examination of practical cases and the production by students of short writings. The course aims at helping the student to develop skills of critical analysis and practical application, through the study of practical cases and concrete experiences, and to identify the correct methodologies and solutions in relation to the business needs. The lessons will take place partly through the examination of company documents such as bylaws, financing, merger or demerger projects, company financial statements, intra-group contracts, withdrawal acts, complaints from shareholders, insolvency restructuring and other typical acts of corporate practice.
Prerequisites
The specialist and professional content of the course assumes knowledge of the main topics of Commercial Law and Private 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 course will foster the development of robust knowledge in corporate law, providing students with the skills, competencies, tools and methods that enable them to formulate the appropriate questions to solve relevant problems. The student will be able to critically analyze existing research on the subject, will also be able to collect and analyze data and present the results to a heterogeneous audience. The student will acquire in-depth and professionalizing knowledge and methods regarding the organization and functioning of limited liability companies as well as the main corporate practices; he/ she will be able to choose the most appropriate financing instruments for carrying out business activities; he /she will know how to identify the possible risk profiles associated with business decisions taken in violation of existing legislation on the matters; he / she will also know different techniques relating to the execution of extraordinary operations.
The interdisciplinary ability to link legal and business matters is relevant.
This knowledge will be assessed through a continuous assessment method, with weekly assessments based on the development of projectwork and class exercises to be carried out in groups (discussion, collaboration, practice, production). The evaluation will also take into account the active participation in the lessons and the final oral exam.
Ability to apply knowledge and understanding:
the student will be able, through the methodology learned carrying out workshops, research projects, project-based laboratories, article discussions, case studies, project work related to the solution of corporate practice cases, 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; he will also be able to read and analyse bylaws, financial statements, resolutions and contracts and to identify the real profiles of interest and to carry out an in-depth analysis for various purposes, including the litigation. The assessment of these achievements will take place through: the evaluation of exercises carried out in class and at home; the evaluation of active involvement during the lessons and through a continuous assessment system.
Independent judgment: the student will develop a critical awareness in order to evaluate independently company choices with an interdisciplinary view by the combination of business objectives and legal rules; he will also develop a critical awareness to understand the risks of the most complex and extraordinary financing operations.
Communication skills: the student will be able to communicate what he learned in written and oral form, especially through the acquisition of a written drafting methodology.
Learning skills: the student will be able to put into practice the knowledge developed during the lessons and during the exercises carried out individually in the class and at home.
Course Contents
1. Limited companies
2. Balance sheet
3. Groups of companies
4. Financing operations
5. Extraordinary transactions
Reference Books
Manuale di Diritto Commerciale, G. Visentini – A. Palazzolo, Dike Giuridica 2017 pp 107 - 668; 686 - 689.
https://tinyurl.com/yuwhzrwz
Supplementary teaching materials:
- Company by-laws;
- Balance sheet;
- Shareholders' resolutions on extraordinary transactions;
- Merger and Demerger Projects;
- Financing operations;
- Decisions on the issues indicated.
Teaching Methods
The teaching method is based on an "Inquiry-based" approach.
The topics of the lessons are introduced by of one or more cases, focusing on the relevant issues. The teacher will promote and lead a debate in order to identify and study possible solutions to the cases presented, through the analysis of acts and documents of corporate practice.
During office hours, students can ask for individual comparison on specific topics.
During the Breakout sessions students individually or in teams for 5/8 people will simulate operations research projects, project-based laboratories, article discussions, case studies, of the company practice. These workshops will be useful in order to make students study specific solutions for the cases presented by the teacher, applying a "problem solving" methodology. For this purpose, different digital resources will be used in order to allow a more profitable learning. The Mural asset is a digital space where teams can collaborate faster with an easy-to-use digital canvas; allows you to develop: Mindmap Brainstorming, Customer Journey, Team kickoff. The Debate Graph resource useful for collaborative learning, allows the creation of collaborative maps to organize ideas, brainstorm and share thoughts, thus making discussion moments more profitable for the learning process. The Mentimeter resource is useful for creating interactive presentations and meetings through the use of live polls, quizzes, word cloud Q&A. The Kahoot Resource is a game-based learning platform; in the Challenge mode it is possible to stimulate participation and healthy competition.
Assessment Method
Students will be assessed with a view to continuous assessment. Each student will be first of all evaluated according to his or her active involvement in the debates led by the teacher that will constitute the backbone of the lessons.For the entire duration of the course, weekly workshops, research projects, project-based laboratories, discussions of articles, case studies, project work related to the solution of corporate practice cases will be held, in which the student will measure himself with the application of the institutes and solutions learned in class and deepened through breakout sessions, receptions and individual study.The weekly assessment through active participation in the course will account for 70% of the overall grade. The progress of the students will be monitored with a class register that will allow the class to be mapped.
The final oral exam will weigh 30% of the overall mark. The final oral exam will be set up in such a way as to establish a dialogue with the candidate, so as to bring out not only the understanding of the basic concepts, but also the ability to build autonomous reasoning on these concepts. The goal is therefore to understand if the candidate has acquired the ability to use the legal schemes analyzed in the business management activity. The final grade is given by the assessments acquired during workshops, research projects, project-based laboratories, article discussions, case studies, project work related to the solution of corporate practice cases and the oral exam.
Thesis assignment criteria
Interest in the subject, professional implications.
Does the syllabus cover sustainability topics?
Si
Week 1 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Introduction to the course, principles and method of commercial law.
The partnership agreement.
Subjectivity and legal personality.
The incorporation of limited companies.
Shareholders' agreements.
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/Breakout sessions:
analysis of instruments of incorporation and bylaws; drafting of instruments of incorporation and bylaws.
Readings for non-attending students:
- C. Angelici, Il metodo nel diritto commerciale, Odc, 2, 2019;
- F. Galgano, Società (dir. priv.), Enciclopedia del diritto, [XLII, 1990].
Week 2 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Ownership structures and shareholders' agreements.
Financing of companies: capital contributions and other contributions.
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/Breakout sessions:
project work on the loan agreement; methodology of writing.
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;
- A. Palazzolo, I finanziamenti dei soci nelle Srl e nei gruppi, Luiss University Press, 2009. pp da 1 a 27
- Banca d’Italia, Provvedimento recante disposizioni per la Raccolta del Risparmio dei Soggetti diversi dalle Banche, 08.11.2016.
Week 3 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Shares and Bonds
Financial Instruments: tertium genus?
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/Breakout sessions:
project work on the methodology for selecting financing techniques.
Readings for non-attending students:
- Codice Civile Commentato Utet – Leggi d’Italia artt. 2357 ter e 2358 c.;
- 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. 82 - 106.
Week 4 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
The shareholders' meeting.
The organizational structures and the management of the limited company.
The impact of the pandemic crisis on management.
The calculation of the damage in liability actions.
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/ Breakout sessions:
jurisprudence analysis;
Analysis of documents useful to prove the directors liability.
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.
Week 5 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
The control body.
The Internal Control System and Risk Management: internal audit; social internal audit; risk manager; compliance officer.
Supervisory body and the the 231 model. The statutory audit.
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/Breakout sessions:
analysis of the report on the financial statements of the board of statutory auditors and of the independent auditors; half-yearly reports of the board of statutory auditors; analysis of the action promoted ex art. 2409 c.c.; analysis of the 231 model and company protocols.
Readings for non-attending students:
- I. Capelli, Assetti adeguati, controllo dei sindaci e denunzia al tribunale ex art. 2409 c.c., Le Società 8-9/2020;
- A. Di Gialluca - V. Giunta, L’organismo di vigilanza. Funzioni e impatto nella gestione dei rischi, in A. Nuzzo – A. Palazzolo (a cura di) Disciplina delle società e legislazione bancaria - Studi in onore di Gustavo Visentini, Luiss University Press, 2020 pp. da 171 a 212.
- L. Miotto, La funzione di revisione legale: intersezione fra disciplina dell'attività e dei soggetti, Rivista delle Società, fasc.2, 2018, p. 433, paragrafi: 1. 2. 5. 6. 8. 10. 11. 13. 17.
Week 6 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
The balance sheet.
The sustainability report and Corporate Social Responsibility (CSR).
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/Breakout sessions:
analysis of the financial statements and sustainability reports: analysis of the appeal of the shareholders' resolution.
Readings for non-attending students:
- O. Cagnasso, La nuova disciplina del bilancio d’esercizio, Giurisprudenza Italiana 05-2017, p. 1243;
- P. Butturini, Vizi della relazione sulla gestione e nullità della delibera di approvazione del bilancio, Contratto e impresa 2/2018, p. 639;
- F. Fanti, I mutevoli connotati dell’interesse all’impugnazione di una delibera di approvazione di bilancio nulla, Le Società 7/2019, p. 832;
- P. Balzarini, Funzione informativa del bilancio, invalidità della delibera di approvazione, compromettibilità delle controversie in tema di bilancio, Le Società 12/2015, p. 1353;
- E. Perotto, Il manager della sostenibilità: figura poliedrica per il cambiamento, Ambiente e sviluppo, 2020, 11, 878;
- A. Antonucci, La responsabilità sociale d’impresa, Nuova Giur. Civ., 2007, 4, 20119;
- E. Bellisario, Rischi di sostenibilità e obblighi di disclosure, Nuove Leggi Civ. Comm., 2017, 1, 19.
Week 7 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Corporate organization and crisis:
the procedures; the alert systems and the timely emergence of the crisis; insolvency indicators; responsibilities.
Session 2 on campus:
1h30’ + 1h30’ (replica)
Laboratory/Breakout sessions:
analysis of models for identifying criticality thresholds; analysis of the limits of the crisis indices: the false signals. Case simulation.
Readings for non-attending students:
- Consiglio Nazionale dei Dottori Commercialisti e degli Esperti Contabili, Crisi d’impresa gli indici dell’allerta, ottobre 2019;
- 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 Societa', fasc.2, 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.
Week 8 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Direction and coordination.
Joint management liability.
Session 2 on campus:
1h30’ + 1h30’ (replica)
Laboratory/Breakout sessions:
Case- law analysis; drafting of adequate organizational and motivational inter-group arrangements.
Readings for non-attending students:
- A. Palazzolo, I finanziamenti dei soci nelle Srl e nei gruppi, Luiss University Press, 2009, pp 27 - 44
Week 9 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
The public shareholder.
Session 2 on campus:
1h30’ + 1h30’ (replica)
Laboratory/ Breakout sessions:
project work on the arrangements for identifying investments which have been disposed of by public admnistrations.
Readings for non-attending students:
- H. Bonura, G. Fonderico, "Amministrazioni pubbliche, società di capitali e libertà d'iniziativa economica" in Giurisprudenza Commerciale, fasc.6, 2019.
Week 10 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Extraordinary transactions:
transformation;
merger and demerger.
Focus: on the member's right of withdrawal.
Session 2 on campus:
1h30’ + 1h30’ (replica).
Laboratory/ Breakout sessions:
project work on the corporate reorganization operation.
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;
- F. Attanasio, Sulla legittimazione all’esercizio dei diritti sociali da parte del socio receduto di S.p.a., Le Società 2/2020, p. 191;
- E. Cicatelli, Note minime sul recesso del socio da S.r.l. avente durata “eccessiva”, Le Società 11/2019, p. 1227.
Week 11 Contenuto sessioni on line e on campus
Session 1 online:
1h30’
Cooperatives and consortia.
Dissolution and liquidation of limited companies
Session 2 on campus:
1h30’ + 1h30’ (replica)
Laboratory/ Breakout sessions:
project work on the correct identification of the causes of dissolution and the duties of the directors.
Readings for non-attending students:
- R. Genco, Società cooperative (2018-2019), Giurisprudenza commerciale, 2, 2019, pag. 227;
- E. Breggia T. Caciolli, Dichiarazione di scioglimento e limiti all’intervento del giudice, Le Società 6/2018, pag. 713;
- M. Faggiano, Accertamento giudiziale dell’assenza del presupposto della continuità aziendale, Le Società n. 3/2017, 303.
Week 12 Contenuto sessioni on line e on campus
Session 1 online
1h30’
Summary of the main topics.
Session 2 on campus
1h30’ + 1h30’ (replica).
Summary of the main topics covered.