The liability rules for directors in the event of an insolvency default are converging in Germany and in Italy. In Italy, the provision of Art. 2482 Italian Civil Code has been amended in 2019. According to this provision, a director who has failed to observe a reason for dissolution of the company - and, for example, continues an undercapitalised company - is liable for the damage resulting from the continuation. In Italy, case law is divided as to whether the provision can also affect directors who acted before the amendment to the law came into force in 2019. It is argued, among other things, that the provision did not introduce anything materially new, so that the prohibition of retroactivity would not apply (source: Sole 24 ore of 27.12.2021.)