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published on January 31, 2019 | reading time approx. 2 minutes
On January 10, 2019 the Italian Council of Ministers passed the Business Crisis and Insolvency Bill (Codice della crisi d'impresa e dell'insolvenza), implementing the delegation law no. 155 as of 19 October 2017.
The new Bill aims at a comprehensive reform of the Italian insolvency law, in particular (i) to allow early awareness of financial distress of a business and (ii) to safeguard the business' entrepreneurial potential during a crisis.
The new Bill will be applicable 18 months after its publication in the Official Journal of the Italian Republic (Gazzetta Ufficiale della Repubblica), with some minor exceptions (among others the lowering of the threshold for the appointment of the statutory auditor(s)), which will enter into force on the thirtieth day following the publication of the decree in the Official Journal. Such publication is expected to occur at the latest by 24 February 2019.
Dr. Vanessa Wagner
Associate Partner
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