Subsidiary’s right to hold parent company liable for violation of principle of proper management
On March 24, 2015 the court of Milan held that per article 2497 Italian Civil Code (ICC), the parent company that acts in violation of the principles of proper management (“corretta gestione societaria e imprenditoriale”) is liable also to the subsidiary, which has standing to sue the parent company pursuant to article 2497 ICC.
Article 2497 ICC establishes that those companies that direct and coordinate another company are liable to the members of this latter for any prejudice to their interest and to the company’s creditors for any damage to the company’s patrimony, if –acting in their own or a third party’s interest – they violate the principles of proper management. The subsidiary has standing to bring the action (see, e.g., Tribunale Napoli 10.1.2007, in Le Società 2008,1031; Tribunale Roma 22.5.2007, in Foro It. 2008, I, 307, Tribunale Milano 30.10.2008 e 2.9.2010, in Giur. It., 2009 p. 647, e 2011 p.587; Tribunale Milano sentenza 10.11.2011 nel procedimento n.63427/2010)
Tribunale di Milano, decision March 24, 2015, RG 30750/2011. More information on this decision available (in Italian) at http://www.giurisprudenzadelleimprese.it/rapporti-contrattuali-infragruppo-e-trasferimento-della-sede-sociale-allestero
Full decision here
For more information Francesca Giannoni-Crystal