News
Reform on insolvency proceedings: the new “procedura di allerta” (alert procedure)
- 08/11/2017
One of the most interesting provisions of the reform on insolvency proceedings (Law no. 155 of 19th October 2017) is the new “procedura di allerta” (alert procedure), which will be implemented by the Government in the next months.
Hopefully, such procedure will promote the premature emergence of the crisis of the undertaking and the subsequent management of negotiations between the debtor and its creditors.
Internal supervisory bodies as well as auditing firms and professionals will be required to warn the governing body of the undertaking as soon as they are aware of serious evidence of the crisis. Should the reaction of the governing body not be adequate, notice of the crisis will be promptly given to the competent entity to be set up within each Chamber of Commerce. This entity will assist the debtor in the composition of the crisis.
The “procedura di allerta” will not apply to companies listed on a stock exchange, as well as to those companies which are defined as big companies under the European law.
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