di Marco Gardino e Pierluigi Tusino
As part of the process of strengthening the equity of Italian companies and to fight the effects of Covid-19 undertaken with the “Decreto Rilancio” (Legislative Decree no. 34/2020), the legislator recently introduced important provisions. Article 44 of Legislative Decree no. 76/2020 (the so-called “Decreto Semplificazioni”, converted with amendments into Law no. 120/2020) introduced significant changes to the provisions of the Italian Civil Code relating to the share capital increases of Italian joint-stock companies (S.p.A.) and limited liability companies (S.r.l.).
As a preliminary comment, it is worth noting that the provisions of the Decreto Semplificazioni must be read in coordination with those set forth in art. 26 of the Decreto Rilancio, aimed at strengthening the equity of medium-sized companies (i.e. companies with revenues between Euro 5 and 50 million) through the granting of a tax credit for new share capital contributions.
The modifications introduced by the aforementioned article 44 of the Decreto Semplificazioni may be divided in temporary modifications and permanent amendments to the Italian Civil Code.