Following the amendment of art. 389 CCI of Legislative Decree 14/2019 in implementation of EU Directive n. 1023/2019 and the insolvency directive of 20.06.2019, new changes have been made to the Code of Business Crisis and Insolvency. These changes concern:
- new definition of seizure It is the state of the debtor that makes insolvency probable and that is manifested by theinadequacy of prospective cash flows to meet bonds in the next 12 months;
- Deleting alert tools
- replacement of OCRI and assisted crisis resolution with”negotiated settlement for the solution of the business crisis”
- replacement of the replaced crisis indicators with the following warning signs
- payroll debts due at least 30 days ago > 50% of the total monthly amount of salaries;
- debts to suppliers that have been due for at least 90 days > debts that have not expired;
- exposures to banks and intermediaries that have expired more than 60 days ago or that have exceeded the limit of loans obtained in any form for at least sixty days > 5% of exposures;
- delays in payments that result in the activation of the reporting obligations of qualified public creditors (Debts due to late payments of social security contributions, VAT and insurance premiums).
