Italian Corporate Law Insights

Summary

Under Italian law, concealing capital erosion suggests impropriety but not necessarily beyond legal limits. The dissolution clause applies to any company with critically eroded share capital, not just Napoli. The prosecutors request for a precautionary measure, possibly including dissolution, was denied by the judge. Dissolution is not typically a precautionary measure in Italy, as it is a permanent action for companies unable to legally operate.

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Secondo la Procura di Napoli ben due bilanci della Napoli, quelli del */* e del */*, “depurati dei benefici illeciti apportati dalle manovre correttive” avrebbero generato un “patrimonio netto negativo”. In un altro passaggio della richiesta di misura cautelare (respinta dal gip) si legge che la Napoli “ha celato l’erosione del capitale sociale in ben due esercizi, circostanza che, al di là del valore del titolo, integra una causa di scioglimento” e che “non avrebbe potuto operare negli esercizi in discorso (presentando un patrimonio netto negativo già al * giugno *) né essere quotata in Borsa”. In the sentence “ n un altro passaggio della richiesta di misura cautelare (respinta dal gip)” does it mean prosecutor requested dissolution? Simple english answer
In simple English, the phrase "un altro passaggio della richiesta di misura cautelare (respinta dal gip)" suggests that the prosecutor requested a precautionary measure, possibly including dissolution, but the request was denied by the judge.
Dissolution cant be ordered as a precautionary measure
In Italy, dissolution of a company is not usually ordered as a precautionary measure. Precautionary measures typically aim to prevent further harm or illegal activity, whereas dissolution is a more permanent action reserved for situations where the company cannot legally operate. Would you like some more details on this topic?