News
The conferment of unjustified payments to directors constitutes “bancarotta patrimoniale”
- 03/04/2017
Article 216, par. 1, no. 1, of the Italian Insolvency Law, punishes the bankrupt entrepreneur who has totally or partially concealed, destroyed or dissipated one’s assets, or, in order to harm creditors, has declared non-existing liabilities (so-called “bancarotta fraudolenta patrimoniale”).
Instead, article 216, par. 3, of the Insolvency Law, punishes the bankrupt who, before or in the course of the insolvency proceedings, has made payments or invented preferential rights, in order to damage creditors (so-called “bancarotta fraudolenta preferenziale”).
In a case under the scrutiny of the Court of Cassation, the president of the board of directors and then sole director of a limited liability company (“società a responsabilità limitata”, also “s.r.l.”), had made unjustified payments to the directors, notwithstanding the financial disarray of the company was already manifest.
With Judgment no. 16111 of last 30th March, the Court has stated that this conduct does not constitute “bancarotta preferenziale”, but instead the more serious crime of “bancarotta patrimoniale”.
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