Alcune riflessioni sulla consistenza patrimoniale dell’impresa e la tutela dei creditori. Verso una proposta di riforma delle regole sul capitale sociale.

In limited companies, legal capital is a corporate governance mechanism for mitigating the negative effects of conflicting interests between the fixed and residual claimants on a firm’s cash flow. From an economic point of view, in fact, the amount of legal capital regulates the delicate balance between power which owners can exercise and relative risk they take on. However, the effectiveness of legal capital as a means of creditor protection depends on its adequacy. In this perspective, the paper aims to analyze the issue of the adequacy of legal capital and suggests measures to improve its functioning mechanism.