New share capital limits for Italian joint-stock companies

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Italian new legislation has reduced the previous limits of minimum capitalization for joint-stock company, allowing those who want to invest to build a S.P.A. (joint –stock company) with only € 50,000 of capital. With this new legislation the Italian Government wanted to help the growth of the Spa, seen as a preferred vehicle for raising equity or debt capital.

The fact

Article 20, co. 7 of Decree Law 91/2014 amended Article. 2327 cc which provides the minimum capital required to establish a Spa. Today the necessary capital is EUR 50,000.00, instead of EUR 120,000.00, which was the previous limit.

The legislator with this intervention wanted mitigate the phenomenon by which start-up entrepreneurs usually prefer the form of Ltd than a  S.p.A.. The reason of such new  political decision is that nowadays  SPA has become the reference model for access to the capital market and risk.

The new rule, which reduces the minimum share capital necessary to build a SPA (Joint Stock Companies)  companies.  Such type of companies, in the view of the Government, are better suited than smaller SRL (Ltd) to collect market risk capital and debt capital.

It is important

The setting of  the new limit of the minimum capital of the Spa also has had immediate consequences on the articles of association of existing companies, with the possibility for the shareholders to proceed with a reduction of share capital within above limits . In particular the shareholders of  Spa, with share capital of EUR 120,000.00, could decide a voluntary reduction of the share capital. Obviously such a decision must not be opposed by  company’s creditors.

Beside the above,  thanks to the new standard , existing S.p.A. who have suffered losses that diminish the existing capital at a level of less than € 50,000.00 are not anymore  required, to recapitalize in full to ” prior social capital”. In fact the shareholders  could limit the recapitalization of the share capital to EUR 50,000.00 .

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NEW ALTERNATIVE DISPUTE RESOLUTION PROCEDURE IN ITALIAN LAW

cropped-833.jpgIN SHORT: On 9th February 2015 the obligation to apply  to the assisted negotiation procedure with the assistance of a lawyer was introduced in the Italian legal system, under penalty of barring of the judicial claim.

FACTS: Such Law sets forth that such procedure must be fulfilled before filing the judicial claim in the disputes concerning the compensation of damages arising from  disputes aimed at obtaining the payment of amounts up to € 50.000,00 (except for specific order of payment procedures). It is also compulsory for proceedings that arise from road accidents.

WHY IT IS IMPORTANT: On the basis of such procedure, that is handled directly by the parties’ lawyers, it is possible to reach a conciliatory agreement that is enforceable. Since such alternative dispute procedure is new, it is still uncertain the practical result for the claimants.

Recupero del credito nella UE

The Royal Courts of Justice - London

IN BREVE: 

Diventa più facile,  per le aziende, ottenere il riconoscimento e l’attuazione, all’interno della UE, dei propri diritti, tra i quali il recupero dei crediti oggetto di provvedimenti giudiziali; ciò grazie alle novità normative introdotte con il Regolamento (UE) 1215/2012.

IL FATTO : 

Dallo scorso 10 gennaio 2015, è divenuto applicabile il Regolamento europeo (UE) 1215/2012 concernente la competenza giurisdizionale, il riconoscimento e l’esecuzione delle decisioni in materia civile e commerciale.

La principale innovazione introdotta, rispetto al precedente Regolamento (CE) 44/2001, consiste, in estrema sintesi, nell’abolizione dell’exequatur, ossia delle procedure necessarie affinché la decisione giudiziale, resa dall’autorità giudiziaria di uno Stato membro, diventi esecutiva in un altro Stato membro.

PERCHE’ E’ IMPORTANTE: 

Sarà, così, possibile procedere all’esecuzione nel territorio di uno Stato membro dell’UE (per esempio, la Francia) di decisioni giudiziali esecutive nel territorio di uno degli altri Stati membri dell’UE (per esempio, l’Italia) semplicemente notificando, alla parte contro cui l’esecuzione deve essere iniziata, la decisione giudiziale ottenuta assieme allo specifico attestato previsto dal Regolamento.

Sarà, poi, onere della parte contro cui l’esecuzione è richiesta eventualmente presentare istanza all’autorità giudiziaria competente (francese, nel caso dell’esempio) affinché, laddove ne sussistano i presupposti, neghi l’esecuzione di detta decisione.

 

Ricerca su internazionalizzazione delle aziende trivenete di Tonucci e Partners, Bonucchi e CUOA

Solo il 30% delle aziende trivenete sfruttano il contributo di conoscenza e strumenti del mondo della consulenza per  rivolgersi ai mercati esteri. Le aziende con investimenti diretti all’estero crescono più delle altre.

Sono alcuni dei risultati che abbiamo presentato al Cuoa venerdì scorso e che provengono dalla ricerca che abbiamo progettato sulle strategie di internazionalizzazione e sul ruolo delle strutture di consulenza. Noi di Tonucci & Partners Padova, avvocati Carlo Scarpa Alessandro Vasta,  con Bonucchi & Associati e il gruppo ricerca guidato da Diego Campagnolo e Paolo Gubitta, quasi un anno fa avevamo posto le prime basi di Becoming International e la scorsa settimana abbiamo dialogato con le imprese oggetto di approfondimento e con un pubblico attento.

A fine mese uscirà il report completo, se vi siete persi la presentazione dal vivo, per ora potete analizzare i risultati qui. Potete trovare maggiori dettagli sulla ricerca sul sito di Cuoa Esploratorio. 

Su Parchi eolici, contratti EPC e FIDIC in Italia. Sperando che il vento soffi via anche il caldo …

imagesÈ pratica comune, da parte di investitori italiani in parchi eolici, la stipulazione di contratti di EPC con i soggetti appaltatori. I parchi eolici sono, difatti, spesso realizzati tramite accordi di EPC.

Abbiamo notato che gli accordi di EPC incontrano il favore dei committenti. I contratti EPC organizzano efficacemente la complessità dei progetti e la necessità di programmare il lavoro con un fornitore che abbia a che fare con una pluralità di operatori nella costruzione di parchi eolici.

Le parti contrattuali utilizzano accordi FIDIC, oppure le intese EPC sono abbozzate e personalizzate dagli operatori del settore?

La nostra esperienza nel settore suggerisce che spesso gli accordi EPC sono proposti da costruttori esperti, mediante l’utilizzo di un modello sviluppato sulla base del miglior testo di accordo disponibile nel mercato, adeguato alla normativa edilizia italiana. Importanti costruttori tedeschi di parchi eolici utilizzano tali modelli, che si sono sviluppati negli anni. Li applicano tenendo nella dovuta considerazione la necessità di adeguare il testo alla legge italiana, la quale presenta una normativa dedicata agli accordi concernenti l’edilizia.

In particolare, il Codice Civile Italiano presenta un Capo dedicato al contratto di appalto, agli artt. 1655 e seguenti. E’ probabile che questo da ultimo indicato sia l’approccio concreto preferibile, ai fini di combinare l’esperienza con la best practice dell’edilizia internazionale, nonché in considerazione della necessità di rispettare le disposizioni di legge italiane, ben conosciute dai committenti.

Italian Data Protection Law ( Update) – The Employer is authorized to control on employees’ personal computer, but in compliance with specific rules

The employer cannot control the content of an employee’s PC without having previously informed employees of such possibility and without full respect for the freedom and dignity of the employee. This was the decision on the appeal of the Italian Data Protection Authority (DPA) filed by an employee who was terminated without notice by his employer. The man addressed both the ordinary courts to challenge the merits of the charge and his dismissal, and the DPA to oppose the way in which the company acquired and processed his data.
The DPA found out that the documents on the basis of which the employer based his decision were contained in a personal folder of the laptop assigned to the employee. The company had access to the data when the employee provided his laptop for the periodic backup operations. Contrary to what stated by the company, it does not appear, however, that the employer had been previously informed about the limits of usage of the device, nor about the possibility that analysis and verification operations could take place on the information contained on the computer itself.

The DPA reiterated that the employer can carry out targeted checks in order to verify the effective and proper fulfillment of the employees’ job performance and, if necessary, the proper use of the tools provided.
This activity, however, can only be performed while respecting the freedom and dignity of workers and the legislation on protection of personal data, which provides, inter alia, that the person concerned must always be given appropriate information on the possible processing of his data in case of verification and control operations. The DPA therefore prohibited to the employer any further use of the personal information acquired.

Aurelio Lonigo

Carlo Scarpa

WIND FARMS, EPC CONTRACTS AND FIDIC IN ITALY

imagesIt is common use for Italian investors in Wind Farms to agree with EPC contractors.

Renewable Wind Energy  farms   have often been built with EPC Agreements.

We have noted that owners  like  EPC agreements . EPC contracts effectively organize the complexity of the projects and the need to organize the work with a supplier who deal with a plurality of operators  in the construction of Wind Turbine Energy  Farms.

Do parties utilize FIDIC agreements or EPC agreements are drafted  and customized by the players in the business sector?

Our expertise is, that often EPC agreements are proposed by expert constructors, utilizing a model which has been developed on the basis of the best agreement text available in the market adjusted to Italian Construction Law.

Important German manufacturers of Wind Turbine Energy Farms utilize such models that  have been developed during the years. They apply them taking into due consideration the need to customize the text to the Italian law, which has a specific section for construction agreements. In particular the Italian Civil Code does have a specific section for Contractors Agreements, article  1655 onwards.

The above mentioned approach is probably  a practical approach, in order to mix the owners’ experience with  the best practice in  International Construction and the need to comply with provisions laid down in the Italian Law (which are well known by owners).

FIDIC contracts and Italian enviroment

On 25 and 26 June 2013 in Paris I partecipated with great pleasure to the “ICC FIDIC International Construction Contracts and the Resolution of Disputes Conference”

It was really enchanting to hear such a panel of expert speakers to explain FIDIC agreements and related dispute resolutions.

As I had the occasion to explain to many colleagues encountered during the meeting, in Italy such standard agreements are seldom utilized.

But many Italian Contractors have recently started to explore new markets and to participate to private and public bidding.   Doing that they had to examine FIDIC‘s rainbow set of contracts and to understand them.

We have the luck to be asked to provide assistance in such task , and this is the reason of our knowledge in the field.

In Italy instead it is more common to utilize the Civil Code Scheme, which is well know by all the entrepreanours in the construction  field.

Immagine