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  • Provisions on losses

Starting from the date of entry into force of the decree (09 April) and until December 31st 2020, Articles 2446, second and third paragraphs, 2447, 2482 bis, fourth, fifth and sixth paragraphs and 2482 ter of the Italian Civil Code regarding the reduction of capital for losses and the reduction of share capital below the minimum admitted amount shall not apply. For the same period, the dissolution of the company due to reduction or loss of share capital referred to in Articles 2484, no. 4, and 2545 duodecies of Italian Civil Code shall not apply.

It is expressly confirmed however the obligation to timely information shareholders in relation to losses.

  • Financial statements

In drawing up the financial statements, the principle of prudence and the principle of business continuity referred to in Article 2423 bis, first par. no. 1) of the Italian Civil Code must be applied taking as at the situation before February 23rd, 2020 (pre-emergency situation COVID 19)

  • Temporary provisions on company loans

In order to encourage adequate refinancing of companies, the postponement mechanisms in the repayment of loans made by shareholders or those who exercise management and coordination activities are temporarily not applied.

It is specified that the scope of the exemption is limited to loans made from the date of entry into force of the measure until December 31st, 2020.