PUBLIC INTEREST AND BANKRUPTCY BETWEEN ADMINISTRATION AND JURISDICTION
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Abstract
The purpose of the work is to study the relevance of the public interest in corporate crisis procedures, with reference to banking companies. Traditionally, it is believed that the purpose of crisis resolution procedures is to ensure the satisfaction of creditors, without regard to other interests. This is a view that, although widespread, is not convincing. The enterprise is always a synthesis of a plurality of interests, some of public significance. This does not detract from the fact that, in some cases, these interests take a simplified form, so that the management of the crisis can be handed over to the Courts, which are also responsible for taking care of the public interest already specified into the law. On the other hand, in the case of enterprises whose activity is relevant to the enjoyment of fundamental rights, incorporation, management and dissolution are relevant to the public interest. This explains why the domain of crisis resolution procedures is assigned to the executive power. However, there is a difference between administrative discretion and political choice, so that the crisis resolution instruments that apply to banking enterprises are more effective, both because the administration is represented by an independent authority and because the law more clearly identifies the public interest scope of preserving the enterprise.
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