Remuneration anchored to a series of results, downward revision of the remuneration rates linked to liabilities, reform of payments on account, limits on consultancy. These are the architraves of the decree of the Ministry of Economic Development, in concert with that of the Economy and Finance which rewrites the remuneration due to commissioners of large companies in crisis.
A close to the “usual suspects”
An operation that has the clear objective of limiting the costs of the procedures and which must be read together with the directive of Bet of 13 April on the appointment of a ministerial commission, coordinated by a magistrate, appointed to select the commissioners enrolled in a list of professionals updated annually with a public notice, in compliance with the requirements set by the Regulations on the requirements of professionalism and integrity and the criterion of rotation, on the basis of which the same subject cannot be assigned more contextual assignments. An overall maneuver in the face of procedures often destined to last years, with remuneration intended to remunerate the “usual suspects”, sometimes also subject to investigation by the judiciary, and without tangible benefits for the protection of jobs.
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Remuneration linked to results
With the current decree scheme, action is taken first of all to link a percentage of the remuneration, 10%, to a series of objectives of formal efficiency and substantial sustainability of the procedures extraordinary administration . These include the timely fulfillment of the reporting obligations, but above all the satisfaction of creditors, with particular reference to chirografari and the adoption of initiatives for the conservation of employment levels.
As for consultancy, one of the proverbial critical points destined over time to increase costs and generate a wide range of professionals who refer to the procedure, the mechanism studied provides for the cut of the commissioners’ remuneration in the event of expenses for consultancy and higher assignments at 5% ofactive realized. With a series of brackets that, due to the weight of the deviation, increase the size of the cut, starting from a reduction of 5% when the overrun with respect to the asset is between 5 and 10%. In any case, the fees paid to lawyers paid for representing the interests of the procedure in court are excluded from the calculation of costs incurred for consultancy and appointments.
Compensation on the liability amount
The intervention also includes a significant filing of the percentages of remuneration calibrated on the amount of the liabilities. That is, it goes from 0.12% to 0.10% when the liabilities do not exceed 500,000,000 euros; from 0.10% to 0.8% when the liabilities are between 500,000,000 and 1,500,000,000 euros; from 0.8% to 0.6% in the case of even higher liabilities. A similar reduction will then concern the percentages provided for by the decree of November 2016 for the sums distributed to creditors. fees due, these will be possible not before 36 months have elapsed from the assignment of the assignment, subsequently payments on account may be recognized with a frequency of not less than 36 months. In any case, overall, the amount of the advances cannot exceed 50% of the accrued sums.
The remuneration for the Cds
The reform also affects the members of the Supervisory Committee, providing, for example, a single remuneration per group of companies and reviewing the determination of the remuneration for the liquidation phase and for that relating to business operation. Finally, at the system level, the intervention also takes place at a time of particular regulatory fervor, given that in Parliament an overall reform of all the extraordinary administration regulations is under discussion, largely absent from the Corporate crisis code, destined, at least for now, to come into force on September 1st.