L’institore può fare suonare l’allarme interno?

The introduction in our legal system of the warning instruments is undoubtedly the most important innovation of the legislative decree n. 14/2019. However, in order for the legislator to win the bet of «allowing healthy companies in financial difficulty to restructure themselves at an early stage in order to avoid insolvency», it is necessary that the scholars commit themselves to make the instrument fully work even in not supervised undertakings by proposing interpretations «aimed at implementing Directive n. 1023/ 2019», which must take place within 17 July 2021. The essay intends to verify whether the appointment of an “institore” (i.e. a managing agent disciplined by articles 2203 ff. of Italian Civil Code) can be considered an adequate measure «to promptly detect the state of crisis and assume without delay the necessary initiatives to deal with it» and proposes an evolutionary exegesis of article 2205 of Italian Civil Code.