From the rules relating to transfer of “quotas” limited liability companies (“società a responsabilità limitata”) to those dealing with the creation of pledges and other encumbrances

This paper analyses solutions related to the transfer rules of “quotas” in limited liability companies (“società a responsabilità limitata”) – including those with “intermediated” and documentary management – connecting them to the establishment of pledges. The paper excludes the relevance of the legal nature of “quotas” in reconstructing the applicable legal framework for pledges, but, considering specific legal contexts, it draws upon this framework to assess the admissibility of, and the applicable rules to, encumbrances such as the family estate (“fondo patrimoniale”), segregated assets (“vincolo di destinazione”), and “non-possessory” and “floating” pledges (“pegni non possessorio e rotativo”).