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NUMERO 16 - 27/05/2020

 Insolvency, Competition, Economic Growth (and Recovery)

Abstract [En]: The paper deals with the recent developments in the business crisis management, especially in European and US legal culture. The central thesis of this research is that insolvency law can contribute to foster recovery and economic development if made consistent with antitrust law. A proper balance between the principle of “competition on merits” and the philosophy of business-rescue seems needed, particularly in periods of great depression, to overcome the distortions and conflicts experienced in the application of these disciplines. The purpose of the paper is to set some first coordinates for a systematic reading of insolvency and competition law, in order to pursue both efficiency in the market and consistency in legal theory.

 

Abstract [It]: L’articolo analizza i recenti orientamenti osservabili nella regolazione della crisi d’impresa, in particolare nella cultura giuridica europea e nordamericana. La tesi centrale proposta è che le discipline concorsuali possano contribuire a incentivare la crescita e la ripresa economica, se interpretate alla luce delle regole concorrenziali. Per superare la tensione dialettica che spesso si avverte nelle “fattispecie di contatto” tra procedure concorsuali e regole concorrenziali è necessario in particolare coordinare opportunamente la “business rescue philosophy” con i principi della “competition on-merits”, ciò che appare necessario anche in periodi di recessione economica. Lo studio si propone di offrire alcune coordinate preliminari per una ricostruzione a sistema delle due discipline, così da garantire efficienza economica e coerenza nella teoria dell’impresa. 

 

Summary: 1. Introduction: main focus and methods. 2. The problem of coherence between insolvency and competition law. 3. The rising approach in the European regulations. 4. Proposals from a macroeconomic perspective.  5. Business rescue philosophy & competition on merits. 6. Final Remarks (in the post-pandemic scenario).



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