Decree 30 October 2015 159 - Urgent Measures For The Solution Of The Status Of Temporary Crisis Of Businesses

Original Language Title: DECRETO LEGGE 30 ottobre 2015 n.159 - Misure urgenti per la soluzione dello stato di crisi temporanea delle imprese

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Text Decree - Law REPUBLIC OF SAN MARINO DECREE - LAW 159 of 30 October 2015 We the Captains Regent of the Most Serene Republic of San Marino Having seen the need and urgency referred to in Article 2, paragraph 2, letter b) of the Constitutional Law 15 December 2005. 183 and Article 12 of the Qualified Law 15 December 2005 n. 184 and more specifically: - the need for regulatory intervention to support the rehabilitation and financing of companies in crisis, even for credit access problems; - The urgent need to give immediate feedback to the aforementioned need in order to avert the real danger of closing from above employment businesses and preserve jobs, the main emergency the current economic situation, Given the decision of the Congress of State no. 33 adopted at its meeting of 26 October 2015; Having regard to Article 5, paragraph 2, of the Constitutional Law no. 185/2005 and Article 9 and Article 10, paragraph 2, of the Qualified Law n.186 / 2005; Promulgate and publish the following decree-law: URGENT MEASURES FOR THE SOLUTION OF THE STATE OF CRISIS TEMPORARY BUSINESS Art. 1 1. If an undertaking has been admitted to the procedure laid down in Article 114 of Law 23 February 2006 n. 47 (Company Law), as amended, following the closure of the period of grace, suffering an insolvency procedure, apply the provisions of this Decree - Law. Art. 2 1. In the case of bankruptcy proceedings, listed below the debts incurred by the directors of the company during the period of the Article 114 of Law 47/2006 (the Companies Act), as amended, they must be paid in prededuction and in the following order: a) debt related to expenditure incurred for the rights of creditors; b) debt to the controller of the moratorium; (Competition expenses of creditors); c) debt to the service people for their wages and salaries; d) debt to the Public Treasury for taxation and taxes legitimately taxes and not met; e) debt to the Institute for Social Security contributions and any other fees; f) Debt to banks for loans granted during the period of moratorium. 2. Contracts debts to service people for their wages and salaries prior to the start of the bankruptcy proceedings, to the exclusion of the directors and managers, have to be paid in priority to the debts referred to in subparagraphs a), b), c) , d), e) and f) of the preceding paragraph. 3. The undertaking to banks debts incurred during the preliminary phase, which runs from the filing of the application in the start request of the court proceedings under Article 114 of the Law n.47 / 2006 (the Companies Act), as amended , have the same treatment as referred to in subparagraph e) of paragraph 1 where the same procedure is assessed positively by the Law Commissioner. 4. For any other debt incurred by the company during the standstill period will apply the provisions of paragraph 5 of Article 114 of Law 47/2006 (the Companies Act), as amended. Art. 3 1. Paragraph 2, Article 114 of Law no. 47/2006 (the Company), as amended Act is amended as follows: "2. The Law Commissioner, should assess positively the request and grant the measures sought, can also secure all of the charges, terms and conditions it deems appropriate for the realization of the plan to restructure the company, safeguarding the rights of creditors, the economic and social heritage constituted by the enterprise as a whole. ". Article 4 1. For the purpose of prosecution and punishment of the offenses referred to in Articles 211 to 218 of the Criminal Code, the granting of the remedy provided for in Article 20 of the law 15 November 1917 n. 17 as regulated by Article 114 of Law no. 47/2006 (Company Law), is to all effects equivalent to the opening of the insolvency creditors procedure. Given at Our Residence, this day of 30 October 2015/1715 THE CAPTAINS REGENT Lorella Stefanelli - Nicola Renzi THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Gian Carlo Venturini

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