Italian Law: Breach of obligations and responsibility of the directors of an Italian company

Published by Liuzzi e Liuzzi International law firm in Italian Law · Thursday 08 Aug 2019 · 2:15
Tags: italian, law, company, directors, breach, of, obligations

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2019- Variations regarding the regulation of the directors responsibility of companies according to the Italian Civil Code. ( In force since March, 16^th 2019)

Directors liabilities in Italy

Since March, 16^th 2019 is in force the new content of article 2476 of the Italian civil Code (Codice Civile italiano).

It has been introduced a new paragraph where it has been disposed that the directors of an Italian company are responsible with regard to the creditors of the company because of breach of obligations related with the safeguarding of the company patrimony.

The action in Italy against the directors of an Italian company responsible for breach of obligations related with the safeguarding of the company patrimony can be started by the Italian and foreign cerditors of the Italian company qhen the company's patrimony is not enough to satisfy their credits.

If the company drop to act against the directors this does not mean that the creditors cannot act against them.

Article 2476 of the italian Civil Code also establishes that the transaction can be challenged by the creditors of the Italian company only with an avoidance action when apply the requirements established by Italian Law.

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