Over the past years, the Italian legislative changes in bankruptcy Law drew attention to new institutions to precede enterprise crises, including the increasing use of the institution of trust. According to the Hague convention of 1985 on the Law applicable to trusts and their recognition, ratified by Italy in 1989, “the term "trust" refers to the legal relationships created - inter vivos or on death - by a person, the settlor, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.” Trust effects the segregation of the assets held on trust by the trustee and protects these assets from attacking creditors. Trusts have thus often been used to execute a fraud on creditors. However, the aim of this dissertation is to discuss how during insolvency proceedings, the legal application of trusts could be advantageous for the insolvent person’s creditors in case trust comes into existence within an enterprise crisis management plan. In particular, several applications of trust at different stages of the enterprise crisis have been studied. First, the use of trust as a substitute for the solutions that have been drawn up by Law to prevent bankruptcy. Subsequently, the possible advantageous applications of trust for the implementation of the options alternative to insolvency provided by the legislator have been taken into account. Finally, in case of insolvency, the hypothetical beneficial use of trust has been considered. To conclude, even in civil law system, trust can legally be adopted to efficiently avoid bankruptcy.
Negli ultimi anni, le modifiche legislative italiane in materia di fallimento hanno incentrato l'attenzione sull'utilizzo di nuovi strumenti, anche non convenzionali, per la gestione della crisi d'impresa. In particolare, si è riscontrato un crescente ricorso all'istituto del trust, definito dalla Convenzione dell'Aja del 1985 (ratificata dall'Italia nel 1989) come un "“rapporto giuridico creato – inter vivos o mortis causa – da una persona, il settlor, ponendo dei beni sotto il controllo di un trustee nell’interesse di un beneficiario o per uno specifico scopo”. L'istituto produce la segregazione dei beni affidati in trust, proteggendo questi ultimi dagli attacchi dei creditori del settlor, del trustee e, persino, dei beneficiari. Proprio per la sua natura segregativa, però, il trust è stato impiegato nella prassi per frodare i creditori. Pertanto, lo scopo della dissertazione,è analizzare in che modo il trust possa essere impiegato in ambito concorsuale, conformemente alla disciplina fallimentare. A tal fine, sono stati presi in considerazione i possibili impieghi vantaggiosi del trust in diverse fasi della crisi d'impresa: in una fase antecedente o alternativa alle soluzioni predisposte dalla legge per prevenire il fallimento dell'impresa in crisi; a seguito dell'immissione ad una delle procedure alternative al fallimento previste dal legislatore, per incrementarne il risultato; anche a seguito del fallimento, su ordine del tribunale, per chiudere anticipatamente il fallimento stesso. In conclusione, ciò che è emerso è che, anche nei sistemi di civil law, il trust può essere impiegato legalmente per gestire efficacemente la crisi d'impresa.
L'utilizzo del trust nella gestione della crisi d'impresa.
ZUCCARELLO, FRANCESCA
2015/2016
Abstract
Over the past years, the Italian legislative changes in bankruptcy Law drew attention to new institutions to precede enterprise crises, including the increasing use of the institution of trust. According to the Hague convention of 1985 on the Law applicable to trusts and their recognition, ratified by Italy in 1989, “the term "trust" refers to the legal relationships created - inter vivos or on death - by a person, the settlor, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.” Trust effects the segregation of the assets held on trust by the trustee and protects these assets from attacking creditors. Trusts have thus often been used to execute a fraud on creditors. However, the aim of this dissertation is to discuss how during insolvency proceedings, the legal application of trusts could be advantageous for the insolvent person’s creditors in case trust comes into existence within an enterprise crisis management plan. In particular, several applications of trust at different stages of the enterprise crisis have been studied. First, the use of trust as a substitute for the solutions that have been drawn up by Law to prevent bankruptcy. Subsequently, the possible advantageous applications of trust for the implementation of the options alternative to insolvency provided by the legislator have been taken into account. Finally, in case of insolvency, the hypothetical beneficial use of trust has been considered. To conclude, even in civil law system, trust can legally be adopted to efficiently avoid bankruptcy.È consentito all'utente scaricare e condividere i documenti disponibili a testo pieno in UNITESI UNIPV nel rispetto della licenza Creative Commons del tipo CC BY NC ND.
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https://hdl.handle.net/20.500.14239/9952