C.R.F. S.r.l. of Turin in compulsory administrative liquidation: the MIMIT decree on the trust and audit company
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In short: by decree of 15 October 2026, published in the Official Gazette of 24 October, the Ministry of Enterprises and Made in Italy (MIMIT) placed "C.R.F. S.r.l. in liquidation", a trust and audit company based in Turin, into compulsory administrative liquidation, and appointed the liquidator commissioner. This is the mandatory outcome of the revocation of its authorisation to operate, which took effect on 3 July 2026. For the company's clients, suppliers and creditors, this means that from now on the point of contact is the commissioner.
What happened?
Article 1 of the decree subjects C.R.F. S.r.l., a trust and audit company in liquidation, abbreviated as "C.R.F. S.r.l. in liquidazione", with registered office in Turin, tax code and Business Register registration number 03692320017, to compulsory administrative liquidation. The legal basis is in articles 293 et seq. of the Business Crisis and Insolvency Code (Code of the Crisis of the Company and of Insolvency, d.lgs. 12 January 2019, No. 14) and in article 1 of decree-law 5 June 1986, No. 233 (d.l. 5 June 1986, No. 233). With the same decree the Ministry appoints the liquidator commissioner.
How it came about
The preamble of the decree reconstructs the sequence:
| Date | Act |
|---|---|
| 21 May 1984 | Authorisation to carry on the trust and accounting audit business for companies |
| 22 December 2025 | Suspension of the authorisation for six months, following disputes, with the warning that without full regularisation revocation and compulsory liquidation would follow |
| 3 July 2026 | Revocation of the authorisation |
| 15 October 2026 | Decree of compulsory administrative liquidation and appointment of the commissioner |
| 24 October 2026 | Publication in the Official Gazette, General Series No. 248 |
For trust companies, compulsory liquidation follows revocation by law: the decree defines it as a "mandatory and consequential act" and recalls that bankruptcy is excluded for these companies. For the same reason the Ministry did not issue the notice of commencement of proceedings, given that the company had been able to defend itself in the suspension and revocation proceedings. The decree does not state the grounds of the disputes.
Who is affected?
Anyone who has had or has relations with the company: businesses that had entrusted it with accounting audit engagements, trustors, suppliers and creditors. A trust and audit company works for other businesses, so the effects flow downstream, to its clients.
What to do if you have dealings with the company
- Check your records to see whether tax code 03692320017 appears among your clients, suppliers or counterparties.
- If you are a creditor, follow the communications from the liquidator commissioner, who now manages the procedure.
- If the company had an engagement for your business, discuss with your advisor how to replace it and what can be recovered.
- Check other counterparties of the same kind: an insolvency procedure appears in the Business Register before any press report.
To find out whether a client or supplier has protests or open insolvency proceedings, the protests and insolvency proceedings check (€5.90) gives you the source and date. If you need to decide on a credit line or an important contract, the full report (from 19€) adds beneficial ownership, estimated operational credit line and signals from the financial statements.
Sources
- Ministry of Enterprises and Made in Italy, decree of 15 October 2026, "Assoggettamento alla liquidazione coatta amministrativa della C.R.F. S.r.l. in liquidazione, in Torino e nomina del commissario liquidatore" (Subjection of C.R.F. S.r.l. in liquidation, in Turin, to compulsory administrative liquidation and appointment of the liquidator commissioner), Official Gazette General Series No. 248 of 24 October 2026, accessed 24/10/2026
- Legislative Decree of 12 January 2019, No. 14 (Business Crisis and Insolvency Code), arts. 293 et seq., as cited in the decree
Frequently asked questions
Why has C.R.F. S.r.l. been placed in compulsory administrative liquidation?
Because on 3 July 2026 the Ministry revoked its authorisation to carry on trust and audit activities, following a six-month suspension ordered on 22 December 2025. For trust companies, compulsory liquidation follows revocation as a mandatory act.
When was the decree published?
The decree is dated 15 October 2026 and was published in the Official Gazette of the Italian Republic, General Series No. 248, on 24 October 2026.
Can the company be declared bankrupt?
No. The decree recalls that for trust companies whose authorisation has been revoked, the procedure is compulsory administrative liquidation, excluding bankruptcy.
Who now manages relations with creditors and clients?
The liquidator commissioner appointed by the same decree of 15 October 2026.
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