On June 14, 2019, Law 55/2019 (better known as the "Sblocca Cantieri" law) was published, which converted Decree Law 32/2019. The provision in question amended Article 2477 Civil Code, which had recently been amended with the entry into force of the reform of the Business Crisis Code. Specifically, Article 2477 Civil Code was amended in the part relating to the thresholds above which the appointment of a control body is required. So, in addition to cases in which there is an obligation to prepare consolidated financial statements and there is a situation of control of another company subject to statutory audit, corporations will also be required to appoint a controlling body if at least one of the following thresholds has been exceeded for two consecutive years:
- total assets in the balance sheet: 4 million euros;
- revenues from sales and services: 4 million euros;
- employees employed on average during the year: 20.
The adjustment deadline that was set by the transitional regulations of the Corporate Crisis Code remains unchanged. So companies that in the previous two fiscal years (2017 and 2018) exceeded the thresholds last established will therefore be required to appoint the supervisory body and carry out other statutory adjustment activities by December 16, 2019.
