13.1 Voluntary Liquidation

Companies may choose to wind up operations through voluntary liquidation. This requires:

• Shareholder resolution to dissolve the company
• Appointment of a liquidator (liquidatore)
• Notification to the Companies Register
• Settlement of debts and distribution of remaining assets

The process must comply with Civil Code provisions and may take several months depending on complexity.

13.2 Insolvency and Bankruptcy

Insolvent companies may enter judicial liquidation or restructuring under the Italian Bankruptcy Code (Codice della Crisi d’Impresa). Procedures include:

• Liquidazione giudiziale – Court-supervised winding up
• Concordato preventivo – Debt restructuring with creditor approval
• Accordi di ristrutturazione – Private restructuring agreements

Directors must file for insolvency within 30 days of financial distress to avoid liability.

13.3 Deregistration and Final Filings

Once liquidation is complete, the company must:

• File final tax returns and close VAT registration
• Submit closing balance sheet to the Companies Register
• Cancel social security and insurance registrations

Deregistration marks the end of legal existence. Failure to complete filings may result in penalties or continued obligations.

13.4 Director and Shareholder Obligations

During termination, directors must safeguard assets, avoid preferential payments, and cooperate with liquidators. Shareholders may be called upon to approve liquidation steps and receive final distributions. Liability may arise for misconduct or failure to act in good faith.