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Decree the with legislator Italian The -Law No 155/2017, which in February 2019 has been converted into the new Insolvency and Crisis Code (IC-Code), has introduced a compulsory Early Warning System to detect occurring crisis. In its life cycle, a company may experience periods of crisis. Detecting any signals in time is very important: the company‟s survival may depend on it. If the crisis is monitored promptly and appropriate measures are the enterprise continue to may taken, not only seize to able be also may it but operate opportunities for growth. The concept of crisis, for Many of with. deal to complex entrepreneurs, is this of rejection of attitude an them show eventuality and have a substantial difficulty in admitting the decline, at least until it assumes such importance that the crisis can no longer be hidden. In fact, crises are generally preceded by stages of if promptly which, the situation worsening of diagn the stopping allow with, dealt and osed turnaround. a trigger and process degenerative Crises often occur not because they are inevitable, but because companies cannot catch the warning signs, so they are not able to monitor the threats to prevent them and consequently to limit the damage. This phenomena is more evident in Family SMEs which are usually family firms directed by a sole entrepreneur or a family board used to concentrate all responsibilities in her hands and in which governance structure is not considered a relevant issue (Colarossi, Giorgino, Steri, & Viviani, 2008). The IC-Code sets up new corporate governance rules for all those entities pretending the introduction of independent control bodies. The Early Warning System is intended as an instrument aimed at driving the companies in the identification of the very first signs of crisis. Monitoring the occurring of the crisis is no longer a responsibility of the sole entrepreneur or of the board of directors, but other legitimized subjects are identified. These are, on the one side, the corporate control bodies which in Italy are the Board of Statutory Auditors (Collegio Sindacale) and/or the External Auditors and on the other side some qualified creditors such as IRS Abstract

The impact of the new Italian Early Warning System Provided by the IC-Code on family SMEs governance