The Principle "Piercing the Corporate Veil" in Italy

Ferdinando Bruno, Director - Italian Debt Capital Markets (DCM) Documentation, Bayerische Hypo- unde Vereinsbank AG, Italy

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.

Ferdinando Bruno is a graduate with a degree in Law from University Federico II of Naples and holds a Ph.D. in Economic Law from University Federico II of Naples, 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 LL.M. in International Business Law, from the London School of Economics and Political Science (LSE), a Post Graduate Diploma in EC Competition Law from King’s College, London, a Certificate in Banking and Finance from London Guildhall University, a Master’s 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. He has more than 100 articles and research books to his credit.

Bayerische Hypo- unde Vereinsbank AG, Milan Branch, (UniCredit Group), formerly 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. The Head of the Global Documentation & Execution Milan is Mr. Andrea Rozzi.