Professor Lawyer Vincenzo Donativi, founder of the Law Firm Donativi & Associati of Rome, illustrates the key points of the new law.
The reform elaborated by the Rordorf ministerial commission, destined to profoundly change the dynamics through which it comes to the management of the business crisis, updates the legislation of the Bankruptcy Law no. 267 of 1942, now obsolete, and some rules contained in the Civil Code, in particular on the strengthening of the mechanisms of administration and control, in order to allow a timely disclosure of the state of crisis. To illustrate the innovative profiles of this reform is Professor Lawyer Vincenzo Donativi, founder of the Law Firm Donativi & Associati of Rome, a group of 14 professionals able to effectively assist the client in all areas of company law.
Prof. Donativi what are the key points of the Rordorf reform?
One of the key points is the introduction of an early warning phase to allow a more precocious identification and emergence of the symptoms of the business crisis, preventing it from becoming irreversible and allowing the debtor to promptly activate all the procedures necessary to assisted resolution of the same. The alert procedure, which should guarantee the preservation of company values and allow the company to remain in the market, can give rise to an extrajudicial procedure with a Crisis Composition Body, set up in each Chamber of Commerce, which can be activated directly by the governing bodies control of the company or on the reporting of qualified public creditors, such as the Revenue Agency and Social Security Entities. The corporate control bodies are obliged to immediately notify the administrative body of the company of the existence of well-founded indications of the crisis and, in case of omitted or inadequate response, to inform the competent body directly.
The purpose of the Body is to assist the debtor in the subsequent, albeit eventual, assisted settlement process of the crisis to achieve a solution agreed with the creditors. In the event of a negative outcome, or if at the end of the three months, which may be extended up to a maximum of six months, the state of insolvency of the entrepreneur should result, the Crisis Composition Body will inform the Public Minister. So that these promote the judicial procedure to ascertain the state of insolvency.
What is the ratio of the reform?
The main feature that characterizes this part of the reform is that the crisis is managed in the context of a protected path. And so, for the entrepreneur who proves that he has promptly activated the procedure contemplated by our legislator, measures are rewarded, but the news mainly respond to the interest of creditors to agree solutions that, if properly calibrated, are free from risks of revocation in failure to attempt to resolve and overcome the crisis.
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By Roberta Imbimbo
