Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance is the introduction of a new type of floating charge, namely “non-possessory pledge”, provided for by art. 1 of the Law Decree.

Il decreto legge n. 59 del 3 maggio 2016, pubblicato in pari data in Gazzetta Ufficiale Serie Generale n. 102, entra in vigore in data odierna, 4 maggio 2016, pur richiedendo formale conversione in legge entro 60 giorni, pena la perdita di efficacia.

Recent key reforms have been brought to Italian Law by Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance are the introduction of a new type of floating charge, namely “non-possessory pledge”, and the possibility for the lender to appropriate the secured property in case of continuing default by the borrower.

On August 26, 2011 the Italian Supreme Court issued the decision no. 32899 stating that shareholders of a company will commit an offence if they unreasonably provide funds to a company in distress, rather than proceeding with the immediate liquidation of the company.