More opportunities from the New Code of economic crisis and insolvency

Andersen Tax & Legal in Italy organizes the workshop titled Novità e opportunità nella prevenzione e gestione della crisi di impresa focused on how the Company Crisis Code (C.C.I.) affected the current bankruptcy law and some norms of the civil code.

The event held by Valentina Piccinini, Natascia Alesiani, Stefano Uglietti and Andrea di Castri, Partners of Andersen Tax & Legal in Italy, and Francesco Macario, Lawyer and Full Professor private law, Università degli Studi Roma 3, aims at reviewing the entry into force of the regulation, its reasons and the objectives to achieve, explaining to an audience composed by journalists and entrepreneurs how the administrators’ obligations changed as well as obligations imputable to their actions (obligation of early warning of crises). During the workshop, they discuss more deeply the introduction of new tools for the timely rise of the crisis (alert system) and of new figures to assist the entrepreneur (Crisis Composition Bodies – OCRI).

Lawyers and Chartered Accountants of Andersen Tax & Legal in Italy analyze the new parameters which impose the nomination of a supervisory body (auditor or reviser), the timing within which the statues, as well as the obligations and responsibilities (higher than in the past) connected to their actions, have to be updated. Lastly, there will be space for more in-depth analysis of the conservation of business value through the tool of arrangements with creditors in business continuity and the news included in the Company Crisis Code.

The Company Crisis Code, published in the Gazzetta Ufficiale on February 14, 2019 and functional in its nominative part from March 16, implies active involvement of the management from the early stages of a potential financial or economic crisis.

The new norm requires the entrepreneurs to adopt appropriate tools for timely recognition of the crisis status and to intervene with the appropriate solutions. The administrative body gains a central role, with similar obligations as the current duties of the Board of Auditors: he/she must equip the company with proper organizational, administrative and accounting assets aiming at the implementation of the corporate purpose, the detection of potential crisis and at implementing the measures to combat it.

The primary object of the new norm is the conservation of the business continuity, achieved through new elements respect to what included in the Bankruptcy Law of 1942.