L’extension de la procédure collective pour confusion des patrimoines permet de soumettre une pluralité de débiteurs à une unique procédure collective. Les récentes réformes ont profondément modifié la nature de ce mécanisme : longtemps perçu comme une véritable sanction, ce dernier tend de plus en plus à être utilisé comme un simple outil de restructuration, voire de protection. Ses effets autrefois redoutés sont aujourd’hui recherchés. La thèse révèle la complémentarité de ces derniers dans le traitement des situations de confusion des patrimoines et propose plusieurs solutions permettant d’assurer leur prévisibilité. Elle suggère également plusieurs pistes de réflexion permettant de mettre en adéquation les cas de recours au mécanisme à la nature particulièrement originale des effets produits par ce dernier. / Extending a collective insolvency procedure in the case of estate compels a number of debtors to comply with a unique collective procedure. Recent reforms have deeply modified the nature of this mechanism: for a long time perceived as a sanction, it is now used as a simple tool for restructuring, and to an extent a tool for protection. Its consequences were once dreaded, whereas now they are coveted. This thesis enhances the complementarity that exists between the latter when dealing with situations of estate confusion and offers several solutions enabling foreseeability. Furthermore, it opens up to several lines of thoughts that can correlate cases when resorting to this mechanism to the particularly original effects generated by the latter.

The introduction, and evolution of securitisation over the years, has made a phenomenal contribution to the area of corporate finance. Securitisation is specialised area which has evolved to deliver considerable advantages to banks and their corporate and government clients, a sub-subjected explored in this thesis. Securitisation is using the cashflow, creditworthiness and collateral of receivables to raise finance from the capital markets. To date, research on the subject of securitisation has produced a few textbooks and numerous articles written by academics and practitioners. The ambit of these writings addresses three questions, namely, what is securitisation; how does it work in practice; and how can securitisation be developed so that it can continue delivering advantages in the evolving world of corporate finance. Securitisation is very much a practical subject, and given that the author had very little, if any, practical exposure to the subject prior to developing this thesis, the author, admittedly, felt challenged to ascertain significant issues that could be developed to the extent that such development represents an original contribution to knowledge. Case law in the US had already explored the most significant issue regarding securitisation, namely, true sale. Armed with a solid theoretical base of knowledge that author looked for inspiration, and discovered it during the initial days when the Enron scandal hit the headlines. In short, the Enron scandal involved using the concept of securitisation to facilitate financial crime. The masterminds (if its appropriate to use such description) of the scandal, as this thesis will unfold later, cleverly used thousands of securitisation and hedging transactions to raise funds in order to give financial creditability to a giant corporation which on the surface appeared prosperous but, in reality, was breathing to a large extent on borrowed funds. This scandal, in which securitisation was used, inspired the author to develop the originality of the thesis by focusing on the issue of securitisation and financial crime. Given that financial crime is a huge area to explore, the author narrowed the focus to look at money laundering, and address the question: can the practice of securitisation facilitate money laundering? To approach this question and answer it at doctorate level required a solid understanding of what securitisation is and how it works in practice. Using textbooks, articles and conversations with practitioners, the thesis documents under Part 1, what securitisation is and how it works in practice before moving on to Part 2 to look at if and how securitisation can facilitate money laundering.

La tesi si propone l’obbiettivo di analizzare la disciplina degli accordi di ristrutturazione dei debiti dell’impresa articolata in un gruppo, come prevista nel nuovo codice della crisi d’impresa e dell’insolvenza. Il lavoro è strutturato in quattro capitoli, il primo dei quali ha la funzione di breve introduzione all’argomento. Più precisamente, nell’ambito del primo capitolo si è voluto dare conto dello stato dell’arte nel contesto ante riforma e dei principi che hanno ispirato la riforma. Esaurita la parte introduttiva, il secondo capitolo è stato dedicato, invece, ad esporre i rilievi preliminari sui termini del problema, anche al fine di individuare le modalità interpretative per una ricostruzione dottrinale della disciplina, la quale appare, prima facie, piuttosto lacunosa. La seconda parte del capitolo è stata dedicata, invece, ad esaminare la nozione di gruppo, al fine di definire l’ambito applicativo della nuova disciplina. Nell’ambito del terzo capitolo si è proceduto, invece, a dare conto del ruolo riferibile alla holding nella gestione della crisi di gruppo. Si è, poi, dato luogo all’analisi della fattispecie normativa degli accordi di ristrutturazione dell’impresa articolata in un gruppo, trattando in modo più approfondito dei problemi applicativi che l’istituto pone. Il quarto capitolo, infine, è stato dedicato ad una disamina dei profili procedimentali, ovvero delle problematiche che vengono in considerazione nella fase processuale cui gli accordi di ristrutturazione sono soggetti al fine della loro omologazione. / The thesis aims to analyze the discipline of debt restructuring agreements of the corporate group enterprise, as provided for in the new code of business crisis and insolvency. The work is structured into four chapters, the first of which serves as a brief introduction to the topic. More precisely, in the context of the first chapter it is showed the state of the art in the pre-reform context and of the principles that inspired the reform. The second chapter is dedicated, instead, to exposing the preliminary remarks on the terms of the problem, also in order to identify the interpretative methods for a doctrinal reconstruction of the discipline which appears, prima facie, rather incomplete. The second part of the chapter is dedicated to examining the notion of group, in order to define the application scope of the new discipline. In the context of the third chapter, instead, it was considered the role attributable to the holding in managing the group crisis. Then there were analyzed the application problems of the discipline debt restructuring agreements of the group enterprise. The fourth chapter is dedicated to an examination of the procedural profiles, i.e. the problems that are taken into consideration with regard to the procedural phase to which the restructuring agreements are subject in order to be approved.