La postergazione «societaria» dei finanziamenti dei soci

This article argues that the Italian rule on legal subordination of loans granted by quotaholders to companies with excessive debt imbalance is applicable also in the ordinary course of business (i.e., independently from the company’s bankruptcy). Therefore, the subordinated creditor should not be paid as long as the company is prospectively unable to satisfy the non-subordinated creditors. Additionally, if the company’s directors breach this rule, the company is entitled to recover the unduly paid amount. The paper discusses the arguments for and against the application of the subordination rule in the ordinary course of business, also considering the new Italian Insolvency Code (which is going to enter into force on 1 September 2021). Furthermore, the article identifies the tools and remedies to try to prevent abuse by the company’s directors and to protect the subordinated creditor.