New italian law on business crisis and insolvency published on the official gazette

On 14 February 2019 the new Italian law on business crisis and insolvency (“Codice della crisi di impresa e dell’insolvenza”) has been published on the official gazette.

While the bulk of the sections of the Code on business crisis and insolvency will become effective on 15 August 2020 (18 months from the publication), few sections will enter into force on 16 March 2019 (30 days from the publication).

Among these are the provisions amending certain sections of the civil code on corporate law, including those that lower the thresholds triggering the obligation for a limited liability company (“società a responsabilità limitata”) to appoint the statutory auditor(s).

Limited liability companies already incorporated at such date shall appoint the statutory auditor(s) or the external auditor and amend their by-laws (if necessary) within the following nine months.

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