News
True business data for the approval of the “concordato preventivo”
- 15/05/2017
According to article 162, paragraph 2, of the Italian Insolvency Law, among the conditions required for the admissibility of the “concordato preventivo” is the veracity of company data displayed in the documents produced together with the application.
Article 173, paragraph 3, of the Insolvency Law, provides that if during the procedure it appears that this condition was missing at the time of the application, the Court of First Instance has to revoke the admission to the “concordato preventivo”.
On this issue, by Judgment no. 10826 of 4th May 2017, the Italian Court of Cassation has ruled that, in the absence of the said requirement, the Court of First Instance, in addition to revoking the admission to the “concordato preventivo”, has to deny the approval (so-called “omologa”) of the “concordato preventivo” itself.
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