MILAN. The Court of Milan rejected the request of Acciaierie d’Italia against the extraordinary administration and for the start of the negotiated settlement. The judge also declares that the question of constitutional legitimacy was “manifestly unfounded”, which Adi’s lawyers had raised regarding last year’s decree on the part concerning extraordinary administration.
In «abstract», writes the Court of Milan, «the possibility of the request for opening» of the extraordinary administration for the former Ilva «would not, in any case, lead to prejudicial consequences in itself, since the Public Administration has the say final on the prerequisites for the admission of the entity to the requested insolvency procedure”. And the “admission, moreover, does not necessarily lead to precluding the recovery process initiated through negotiated settlement, as insolvency could ultimately prove to be excluded”.
The Court «held that it could not prevent Invitalia, as a 30% minority shareholder of Adi, from requesting the opening of the extraordinary administration of the latter». The rule «of the Legislative Decree n. 4/2024, which introduced the controversial prerogative, is in fact clearly applicable to relationships already underway at the time of its entry into force (19 January 2024)”. However, it is not possible to “recognise – we read – a real contrast between the rule attributing the legitimation of the minority shareholder to apply for extraordinary administration and the Euro-unitary legislation, not only because the negotiability of the crisis appropriately sanctioned at Union does not deny that domestic law can provide itself with ordinary insolvency procedures, but because nothing excludes that an active negotiation activity could find suitable space within the perimeter of these”.