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The Principle 'Piercing the Corporate Veil' in Italy

May 2009
Corporate GovernanceBanking & Finance

Abstract

The term “piercing the corporate veil” in English Law describes how directors or shareholders in a corporation can be held accountable for the liabilities and debts of the corporation, which previously they would have been immune from. It is possible to affirm that this premise also exists in the Italian legal system. The Italian reform of company law approved in Italy in 20031 has played a key role in “piercing the corporate veil”. In this paper I shall examine the different methods of piercing the corporate veil within the Italian judicial system. (ii) Best execution and elimination of the concentration obligation, examined in this paper.

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Author

Portrait image of Ferdinando Bruno
Ferdinando Bruno
Head of Italian Restructuring , UniCredit Bank AG, Milan Branch, (UniCredit Group), Italy

Ferdinando Bruno is a dual qualified lawyer - admitted as Solicitor in England and Wales and as Avvocato in Italy – with more than 20 years of experience in Mergers & Acquisitions, International Banking Law, International Financial Services Law, International Capital Markets, Financial Law, Commercial Law, Litigation and Arbitration, Business Law, Alternate Dispute Resolution, Company Law, Insolvency Law, Restructuring, International Money Laundering Regulation, International Taxation Law, European Law. He graduated in Law and holds a Ph.D. in Commercial Law, a LL.M. (Master of Laws) in International Business Law, from the London School of Economics and Political Science (LSE), an Executive Masters in Business Administration (EMBA) from MIP - The Business School of Politecnico di Milano, a Specialized Masters in Corporate and Investment Banking (MCIB) from SDA Bocconi School of Management, Milan, Italy, an International Practice Diploma in International Capital Markets and Loans and an International Practice Diploma in International Mergers and Acquisitions from the College of Law of England and Wales, London/International Bar Association (IBA), a Postgraduate Diploma in European Community (EC) Competition Law from King’s College, London, a Certificate in Banking and Finance from London Guildhall University, a Masters Degree (Diploma di Specializzazione) in EC Law and Economy from University Federico II of Naples, a Certificate in International Private and Public Law from The Hague Academy of International Law, The Hague, Holland. Apart from his educational qualifications par excellence, Ferdinando has lectured at universities in Europe, having taught key areas of Financial Services Law such as Masters in Banking & Finance, in Financial Communication, Masters in Company Law, and Masters in International and Domestic Banking Law. Ferdinando has also served in Senior Legal positions in the banking and financial fields.

Company

UniCredit Bank AG, Milan Branch, (UniCredit Group)

UniCredit Bank AG, Milan Branch, (UniCredit Group), formerly Bayerische Hypo- unde Vereinsbank AG, Milan Branch, and Unicredit Banca Mobiliare (UBM) S.p.A., is the investment bank of UniCredit Group, covering Debt Capital Markets, Equity Capital Markets, Corporate Finance, Investment Banking.

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