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The annual accounts of the company in bankruptcy with the bankruptcy reform (2011) Reflections

recall that the current legislation (LC, art. 46) provide for the subsistence in any case, despite the declaration of insolvency of the obligation to formulate and auditing the annual accounts of the bankrupt .

that is needed in case of intervention of the patrimonial rights of the debtor, the obligation to prepare annual accounts for the processing of the contest for the debtor under the supervision of the receivers, while in case suspension Those powers that obligation rests with the bankruptcy administration.

In the preliminary draft Insolvency Law Reform Article 46 is amended as follows:

1. In case of intervention, remain for the legal obligation of directors to formulate and to audit the annual accounts. The receivers may allow administrators corporate debtor that compliance with the legal obligation to make the annual accounts for the previous year a judicial declaration of insolvency will be delayed a month after filing the inventory and the list of creditors by the receivers. It will report to the bankruptcy judge, and if the legal person was required to deposit the annual accounts, the commercial register in which he is registered. Following this communication, the delay in deposit accounts will not result in the closure of the registration sheet. In each of the documents making up the annual accounts shall state the legitimate cause of the delay.
2. A substantiated request by the receivers, the bankruptcy judge may decide to revoke the appointment of the auditor of the corporate debtor and the appointment of another to verify the accounts.
3. In case of suspension, there will be a legal obligation to formulate and to submit annual accounts audited if the company had securities admitted to trading on secondary markets or was subject to public oversight.

is clear that the wording contained in the reform we are discussing is rather imprecise, as reflected in the Internal Service Note of 17 February 2011, the General Council of Judicial Power Report for the Draft Law Ma reform of the Bankruptcy Act when it states that:

The new wording, something more laconic than I should, may raise some doubts of interpretation, to which is attached some background questions about the content of the proposed regulation.
First, the sentence that begins projected paragraph 1 of Article 46 LC ("in case of intervention, it must still legal administrators to formulate and submit to audit the annual accounts"), there appears to be the sufficient contrast to composing paragraph 3 of the same provision ("in case of suspension, there will be a legal obligation to formulate and submit to audit the annual accounts ").

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