News
"Concordato fallimentare": companies in a conflict of interest with the applicant cannot express their vote
- 16/07/2018
By Judgment no. 17186 of 28th June 2018, the Court of Cassation in its plenary session has dealt with a case in which an application for a “concordato fallimentare” had reached the majority required by law thanks to the favorable vote of companies related to the one which was subject to the collective procedure.
The said Judgment examines whether or not a company which proposes a “concordato fallimentare” and is also a creditor can vote for its approval. The Court of Cassation has excluded this possibility given that such creditor would be in a conflict of interest.
Voting on the proposal for a “concordato fallimentare” is not allowed also to companies controlling the applicant and to companies controlled by the applicant.
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