It is taught in school textbooks that corporations, i.e. S.r.l. and the S.p.A., are the most suitable instruments for starting and running a business as they benefit of perfect asset autonomy. In other words, there is absolute separation between the assets of the company and those of the individual stakeholders.
However, cases are increasingly common in Italian courtrooms where these principles are being undermined and convictions are being observed against shareholders and directors for debts of the company.
Partner Paolo Grandi has authored a Focus to summarize some of the most relevant and critical situations. For example
- the liability of the “de facto” director,
- the de facto company and the extent of bankruptcy, and
- the de facto holding company and management and coordination responsibility.