Strumenti di tutela del socio nudo proprietario o datore di pegno di società in crisi

The paper examines the status of the naked owner/pledgor of company shares in crisis scenarios with reference to the shareholders deliberations on avoiding company termination or management board decisions on bankruptcy procedure application. The Author aims to demonstrate the incoherence between, on the one hand, entitling the shareholders both to the pre-emption right and to the right to withdraw from the company and, on the other hand, the case-law recognizing to the naked owner/company shares’ pledgor only the right to compensation, should the usufructuary/pledgee vote against the company interest.