On 30 October 2023, the Italian Supreme Court issued its judgment in case No. 29998/2023 detailing certain principles applicable to the claw back of remittances on bank accounts and to the ineffectiveness of financial guarantees granted under Legislative Decree No. 170 of 21 May 2004 (the “Legislative Decree”) in case of bankruptcy. In particular, (a) on the one hand, the Italian Supreme Court confirmed that a bank remittance cannot be clawed back when it does not reduce the outstanding debt of the bankrupt account holder durably (i.e.

On 29 April 2024, the Italian Supreme Court issued its judgment in case No. 11357, ruling on the right of usufruct on the quotas of a limited liability company in voluntary liquidation.

On 24 October 2022, the Italian Supreme Court issued judgment No. 31402/2022, ruling on the shareholder's legal standing to object to the approval of a bankruptcy arrangement pursuant to article 129 of Royal Decree No. 267 of 16 March 1942 (the “Bankruptcy Law”).

On 23 January 2023, the Italian Income Revenue Authority (Agenzia delle Entrate) published its technical measures on the Registry of Non-Possessory Movable Pledges (the Registry) in the Official Journal. Non-possessory movable pledges are a form of security meant for entrepreneurs (and entrepreneurial entities) which – unlike regular pledges – do not imply the debtor’s dispossession.

On 17 October 2022, the Italian Supreme Court issued its judgment in case no. 30383, ruling on the liability actions brought by an insolvency practitioner against the statutory auditors. In particular, the Supreme Court ruled that an insolvency practitioner bringing a liability action against the statutory auditors must provide evidence of the existence of the damage, the relevant amount and the causal link existing between such damage and the unlawful conduct of the auditing body of the bankrupt company.

For many years, a discussion had been carried on about the lack of instruments in our legal system that could facilitate the emergence of company crises - before financial and asset difficulties lead to a state of irreversible bankruptcy of companies and consequently make it quicker to avail of solutions that would safeguard their characteristic assets.

On 19 September 2022, the Italian Supreme Court published Report No. 87/2022 concerning the new Code of Corporate Crisis and Insolvency (the “Code”). The Code was initially approved by Legislative Decree No. 14/2019, as amended, most recently by Legislative Decree No.

On 2 August 2022, the Italian Supreme Court issued its judgment in Case no. 23980 stating, inter alia, that the five-year period during which an innovative start-up (“start-up innovativa”) can benefit from the favourable regulation set forth in Law Decree no. 179 of 18 October 2012 shall start from the date of its incorporation.

On 1 July 2022, Legislative Decree No 83/2022 was published in the Official Gazette, which in many parts amended the Crisis and Insolvency Code (Legislative Decree No 14/2019) implementing several provisions contained in the Insolvency Directive (EU Directive 2019/1023, known as the “CIC”).

The Decree of the Ministry of Justice No. 75 of 3 March 2022, on the Regulation containing provisions on the functioning of the Register of business crisis managers referred to in Article 356 of Legislative Decree No.