New Amendments to the Business Crisis Code: The "Decreto Correttivo-Ter" Now Official

On September 28, 2024, Legislative Decree 136/2024, known as the "Decreto Correttivo-Ter," was officially published in Italy’s Official Gazette, bringing significant updates to the Business Crisis Code (CCII). Among the main changes is the expanded role of the "independent professional," with specific focus on assessing the feasibility and benefit of potential tax settlement proposals, now also applicable during negotiated crisis resolution.
This new tax settlement provision allows business owners to propose partial or deferred tax payment agreements with fiscal authorities, provided these are supported by a report that certifies their benefits for public creditors, compared to judicial liquidation. It is important to note that these proposals apply only to debts unrelated to EU-based taxes and must include verified company data certified by an auditor or a qualified independent professional.
The decree also broadens the responsibilities of the independent professional in drafting restructuring agreements, ensuring that proposed terms cover both business continuity and potential liquidation scenarios, ultimately safeguarding creditor interests throughout the business recovery process. These new provisions are applicable to all negotiations started from September 29, 2024.