Law No. 147/2021, converting with amendments Decree Law No. 118/2021, has been published in the Official Gazette (No. 254 of 23 October 2021), “containing urgent measures concerning business crisis and corporate restructuring, as well as further urgent measures in the field of justice”.
Among the measures provided for by Law No. 147/2021, which entered into force on 24 October 2021, the following are noteworthy:
- – the postponement to 16 May 2022 of the entry into force of the Code of Business Crisis and Insolvency (Legislative Decree No. 14/2019);
- – the postponement to 31 December 2023 of the alert procedures and assisted crisis composition procedures;
- – the deferral of the obligation to appoint a supervisory body for limited liability companies and cooperatives to the date of approval of financial statements for the fiscal year 2022 (and therefore to 2023);
- – the regulation not only of the negotiated crisis composition procedure, a new instrument in force from 15 November 2021, to which access may be obtained voluntarily through a national electronic platform and which will allow the enterprise to be assisted by an independent third-party expert to facilitate, on a confidential basis, negotiations with creditors, but also of the possible solutions that may be adopted as a result of such procedure (including the new instrument of “simplified composition”);
- – the early implementation of certain instruments provided for by the Code of Business Crisis and Insolvency, through a series of amendments to the Bankruptcy Law.
