News
The failed write-off of an irrecoverable credit constitutes a false company report
- 19/06/2017
Article 223, paragraph 2, no. 1), of the Italian Insolvency Act, is about the so-called “bancarotta fraudolenta impropria” (bankruptcy fraud), and punishes those who caused, or contributed to cause, the financial difficulties of a company, also by committing any of the acts provided for by article 2621 of the Civil Code (false company reports).
With regard to this, by Judgment no. 29885 of last 15th June, the Court of Cassation has stated that keeping an irrecoverable credit in the balance sheet of a company (then declared bankrupt), without removing it pursuant to article 2426, paragraph 1, no. 8), of the Civil Code, constitutes a false company report.
This had allowed the undertaking to continue its activity without realizing that its equity was negative, and so without any recapitalization, liquidation or application for bankruptcy.
Therefore, the Court has confirmed that the company’s director is to be considered liable for the crime of “bancarotta fraudolenta impropria da falso in bilancio” (bankruptcy fraud due to false company reports).
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