{"id":3365,"date":"2026-03-14T21:32:48","date_gmt":"2026-03-14T20:32:48","guid":{"rendered":"https:\/\/www.hessepartner.it\/?p=3365"},"modified":"2026-03-14T21:33:29","modified_gmt":"2026-03-14T20:33:29","slug":"subordination-concept-of-financing-assessment-of-the-conditions-relevant-point-in-time-italian-supreme-court-12-march-2026-no-5582","status":"publish","type":"post","link":"https:\/\/www.hessepartner.it\/en\/subordination-concept-of-financing-assessment-of-the-conditions-relevant-point-in-time-italian-supreme-court-12-march-2026-no-5582\/","title":{"rendered":"Subordination \u2013 Concept of financing \u2013 Assessment of the conditions \u2013 Relevant point in time (Italian Supreme Court, 12 March 2026, No. 5582)"},"content":{"rendered":"<p data-start=\"1281\" data-end=\"1520\">By order <strong data-start=\"1290\" data-end=\"1319\">No. 5582 of 12 March 2026<\/strong>, the <strong data-start=\"1325\" data-end=\"1372\">Italian Supreme Court (Corte di Cassazione)<\/strong>, concerning the <strong data-start=\"1389\" data-end=\"1502\">subordination of the repayment of shareholders\u2019 loans in favour of the company (Art. 2467 Italian Civil Code)<\/strong>, reaffirmed that:<\/p>\n<ul data-start=\"1522\" data-end=\"1922\">\n<li data-section-id=\"1wasnc2\" data-start=\"1522\" data-end=\"1708\">\n<p data-start=\"1524\" data-end=\"1708\">the notion of \u201cfinancing\u201d, for the purposes at issue, <strong data-start=\"1578\" data-end=\"1678\">also includes the granting of security interests or, as in the present case, personal guarantees<\/strong> (see Cass. No. 30054\/2023);<\/p>\n<\/li>\n<li data-section-id=\"1mw00s1\" data-start=\"1709\" data-end=\"1922\">\n<p data-start=\"1711\" data-end=\"1922\">the existence of the statutory conditions giving rise to subordination <strong data-start=\"1782\" data-end=\"1894\">must be assessed both at the time when the financing was granted and at the time when repayment is requested<\/strong> (see Cass. No. 15196\/2024).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1924\" data-end=\"2168\" data-is-last-node=\"\" data-is-only-node=\"\">It was further clarified that <strong data-start=\"1954\" data-end=\"2168\" data-is-last-node=\"\">where the company opposes the repayment of the financing requested by the shareholder, the burden of proving the existence of the conditions set out in Art. 2467 of the Italian Civil Code lies with the company.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By order No. 5582 of 12 March 2026, the Italian Supreme Court (Corte di Cassazione), concerning the subordination of the repayment of shareholders\u2019 loans in favour of the company (Art. 2467 Italian Civil Code), reaffirmed that: the notion of \u201cfinancing\u201d, for the purposes at issue, also includes the granting of security interests or, as in  [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3365","post","type-post","status-publish","format-standard","hentry","category-unkategorisiert"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Subordination \u2013 Concept of financing \u2013 Assessment of the conditions \u2013 Relevant point in time (Italian Supreme Court, 12 March 2026, No. 5582) -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.hessepartner.it\/en\/subordination-concept-of-financing-assessment-of-the-conditions-relevant-point-in-time-italian-supreme-court-12-march-2026-no-5582\/\" \/>\n<meta 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