There are also those “sellers”, which, in spite of any prospective and strategic vision (a bird in the hand is worth two in the bush), begin their presentations with the dreadful figures pursuant to Article 83, paragraphs 4, 5 and 6.
Finally, there are those who, with passion, try to communicate something constructive.
This legislative provision (for further details see Dr. Simone Maria d’Arcangelo’s newsletter), aimed to attract and encourage the transfer of residence in Italy of individuals with high earning potential, provides that, as an alternative to the ordinary legislation (regulated by Article 24 of the Consolidated Income Tax Law)1 , is applied to the alien a special tax regime and in some cases particularly favorable.
Three, in fact, are the assumptions of the “simplified resolution of the loads entrusted to the tax collection agent” introduced by Law Decree No. 148/2017.
The Revenue Agency will send by March 31, 2018 a statement of the sums that were entrusted to it by September 30, 2017 and for which the payment notice has not yet been notified.
As it happens for several phenomena, when exposed to too much information about a particular subject, the risk of losing the sensitivity to those that really count is high.
Since 2012[1], many “sellers” boast about an upcoming application of the EU Data Protection Regulation[2] (“Regulation”) in Italy.
It results from the statements to the press that seven binding offers have been submitted, including – as confirmed by the interested Companies – those of Lufthansa and EasyJet, both of which seem to be interested in some assets of the Aviation lot but not in the acquisition of the entire company. In the running for the bid there would also be the American private equity fund Cerberus and – probably – the airport management companies Airport Handling and Alisud, which would be interested in the Handling lot.
THE JUDICIAL DISSOLUTION – The term bankruptcy disappears from the Italian law and is replaced by the term judicial dissolution; the receiver takes the lead role in the new proceedings, with greater powers than the current ones: he will have a more easily access to the Public Administration’s databases, he may promote claims currently available to shareholders and creditors, while also the allocation of assets among creditors will be entrusted to him. The dissolution must be completed within three years starting from the opening of the proceedings with the full discharge of the entrepreneur’s debts.
The reasons for the extension are summarized in a brief press release published on the site of the Extraordinary Administration and consist in the need to enable the subjects who have expressed the interest in the acquisition to more thoroughly examine the documentation made available in the data room.
The press release also confirms that the deadline of November 5, set for the completion of the next procedural steps (any negotiation phase and / or improvement of the binding offers submitted), remains unchanged.
For information and details on the Call dated August 1 and its terms and conditions, please refer to our previous update (update 6).
As a result, the recipients of the Procedure Letters have been granted access to the data room, containing the information required for the submission of non-binding proposals, on the basis of which the extraordinary commissioners will then define the extraordinary administration program.
The Commissioners, with some satisfaction for the results, announced that 32 expressions of interest were received by the Office of Notary Nicola Atlante in Rome.
The following Tuesday 6, the opening procedure for evaluating and classifying the expressions of interest begun, in order to assess the compliance with the requirements of sustainability and integrity of the subjects concerned, as provided for in the Call.
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