CCII 2024 | Legislative Decree 14/2019 updates | Corporate Health
Find out about the latest changes in corporate crisis law and how they will impact your SME in 2024.
Introduction
The Business Crisis and Insolvency Code continues to evolve. Here are the main changes for 2024.
Main Regulatory Changes
New Reporting Obligation
As from 2024, supervisory bodies must report situations of economic and financial imbalance in a timely manner.
Timeframe: Within 60 days of the emergence of crisis indicators.
Adequate Organisational Structures
Article 2086 of the Italian Civil Code requires all companies to have adequate organisational structures in order to:
- Detect a crisis in good time
- Ensure business continuity
- Verify the sustainability of debts
Negotiated settlement
The instrument of negotiated settlement is becoming increasingly central:
- Simplified access
- Greater protection for the debtor
- Tax incentives for agreements reached
Impacts for SMEs
Immediate Obligations
- Implementation of management control system
- Quarterly monitoring of indicators
- Documentation of strategic decisions
Sanctions
Failure to comply with obligations may result in:
- Personal liability of directors
- Impossibility of access to restructuring instruments
- Aggravation of consequences in the event of insolvency
Operational Recommendations
- Check current compliance
- Train management on new developments
- Implements an early warning system
- Periodically consults an expert