Marco Ventoruzzo Is on the Business Crisis Code CommissionTHE PANDEMIC AND A EUROPEAN DIRECTIVE WOULD SUGGEST CONSIDERING MODIFICATION OF SOME ASPECTS OF THE CODE
Marco Ventoruzzo, Full Professor of Commercial Law and Director of the Department of Legal Studies at Bocconi, is one of the members of the Commission for the development of proposals regarding modification of the "Business Crisis and Insolvency Code". The Commission, established by the Ministry of Justice, meets today for the first time.
The 18-strong Commission is chaired by Ilaria Pagni (University of Florence).
The new Business Crisis and Insolvency Code, issued in January 2019 and effective since September 2020, provided for the possibility of corrections and adjustments after a trial stage. What's more, with the widespread financial distress caused by the pandemic, some of the indicators used to assess a company’s position risk being too rigid. Finally, a June 2019 European directive imposes the need for harmonization.
By 10 June, the Commission will have to present its proposals on a topic that may also have strong repercussions on foreign investment and the propensity of banks to grant credit to companies.
by Fabio Todesco