Morri Rossetti has decided to enhance its services offered in the Restructuring and Corporate Distress sector, which will be headed by Dr Fabrizio Garofoli, who has joined the Firm as “Of Counsel”.
The strengthening of the department means that it will be able to promptly and proficiently deal with the new obligations imposed by the revolutionary legislative reforms which have particularly impacted on SMEs, a sector which employs 2/3rds of workers and which traditionally constitutes the overwhelming majority of Italy’s businesses.
In addition to Fabrizio Garofoli, the Team comprises corporate criminal specialist Francesco Rubino, bankruptcy law expert Clara Papa and restructuring and financial specialists Alberto Di Alberto and Gianluca Baro.
Fabrizio Garofoli has been a qualified accountant for over thirty years; he is a Court-appointed expert in Milan, a Qualified External Auditor, Vice-President of the Corporate Law Commission and a member of the Corporate Crisis Commission of the Order of Chartered Accountants and Auditors of Milan. In addition, he served as a member of the State Examinations Commission for Chartered Accountants at the Luigi Bocconi University.
Fabrizio advises on both the pre-insolvency and insolvency phases of corporate distress, assisting a multitude of companies operating in various sectors in analysing and selecting from the various procedures available. He advises on the drafting of recovery and restructuring plans, compositions with creditors as well as voluntary liquidations and the dissolutions of Italian SMEs.
With the addition of Fabrizio, Morri Rossetti is able to further expand its extensive legal expertise by being capable of managing delicate complex relations with the stakeholders in bankruptcy proceedings.
This addition to the Team is particularly significant at this time, as new legislation came into force on 16-03-2019, which imposes on enterprises a new way to do business and new rules for safeguarding distressed companies.
This reform particularly affects SMEs with a turnover above € 2MLN, assets greater than € 2MLN or more than 10 employees (only one of these parameters needs to be met with respect to the 2017 and 2018 financial statements), which must appoint a control body (namely, an External Auditor – Statutory Auditor or Board of Statutory Auditors). In addition, among other things, the enterprises involved must establish new organisational structures that accurately predict future performance trends at least six months in advance.
There may be around 130,000 SMEs in Italy affected by this obligation.
For further information on this issue, we have prepared a focus schedule: Morri Rossetti The new code on company crisis.pdf
Author: Morri Rossetti e Associati