By Avv. Mariangela Aparo

On July 9, 2009, the IASB (International Accounting Standard Board) issued a new system of accounting principles, or IFRS (International Finance Reporting Standards) for the preparing of the annual accounts of small and medium sized enterprises (“SME”). The new IFRS are noteworthy if one considers SME represent approximately 95 per cent of all entrepreneurial endeavors worldwide.

By Avv. Dilma Beccari

To what extent may assets be subjected to the precautionary measure of confiscation of equivalent?

This is the question be considered increasingly by the legal community.

By Avv. Marika Bagnato

The reform of Italian civil procedure resulting from Law No. 69 of June 18, 2009 (“Law No. 69/09”) has abrogated many of the extraordinary proceedings regulated by special rules of law, including the commercial proceeding introduced by Legislative Decree no. 5 of January 17, 2003 (“Legislative Decree 5/03”).

By Dr.ssa Sara Spirito

The Italian Court of Cassation, in Decision no. 7211 of March 25, 2009 (“Decision no. 7211”), revisited the burden of proof required for a plaintiff to be compensated for the illegitimate dishonoring of bank checks.

In the case at issue, Plaintiff sued a bank for damages to professional reputation, asserting the defendant bank had illegitimately dishonored two checks, on the false assumption there were insufficient funds in his account.

By Avv. Giorgio Pierantoni

The European Court of Justice, by decision of June 4, 2009 (matter C-8/08) has amplified the notion of concerted practice covered by Article 81(1) of the EC Treaty (“Article 81”), affirming that a single meeting between the interested entities may be sufficient to find a violation of EU competition law. The Court - having been requested to issue an opinion regarding the interpretation of Article 81 - held the exchange of information between competitors may result in a violation of competition rules if it would reduce or eliminate the level of uncertainty in the functioning of the market in which they trade.

by Dr. Angelo Giordano

The EU order for payment provides a tool for collecting uncontested pecuniary claims in cross-border cases. The procedure, which was introduced by Regulation EC n. 1896/2006 and began to apply in December 31, 2008, streamlines the collection process and reduces related costs.

By Dr.ssa Mara Torsiello

The Italian Court of Cassation, by decision no. 7044 of February 18, 2009, has affirmed that one carrying out the functions of an administrator de facto may be held liable for bankruptcy crimes. This opinion is significant because previous decisions were split on the liability of de facto administrators and the reasoning of this opinion is more in line with the basic principles of Italian criminal law.

By Avv. Eugenia Tomellini and Suzanne E. Tomkies, Esq.

Law No. 69 of June 18, 2009 came into force on July 4. The law amends the Italian Code of Civil Procedure and substantially streamlines the litigation process.

The new rules apply to those actions filed after the date the law went into force, while pending actions are subject to the former provisions, with certain exceptions such as explained in points 4 and 6 below.

Astolfo Di Amato & Associati is pleased to announce the appointment of six new partners: Samantha Caminiti, Anna Maria Carbone, and Eugenia Tomellini (Rome); Giovanni Agrusti and Raffaella Argenzio (Naples); and Marika Bagnato (Milan). The appointments reflect the Firm’s growth in recent years and recognize the experience and substantial contributions the new partners have made to the Firm.