The metaphor of choice during the euro-area crisis has been that of dominoes falling. First came Greece, then Ireland, and then Portugal; next in line would be Spain. The fear now, with Italian government bonds suffering another day of widening spreads, is that contagion will strike less predictably, The Economist Schumpeter blog reported.

Appointment In all types of insolvency proceedings IPs should be appointed. They are usually members of the accountancy or legal profession. Qualifications IPs are usually accountants or lawyers enrolled with the courts, a requirement on line with Law n. 80 of 14/05/2005, Legislative Decree n. 5 of 9/01/2006 and Legislative Decree n. 169/2007, which also provides for the possibility of appointing an entrepreneur.

Introduction The Insolvency Act (267/1942) sets out two procedures for resolving a company's financial difficulties by private arrangement: composition and a debt restructuring agreement. Composition is a judicial tool, set out in Article 160 of the act, whereby an insolvent company which can still pay part of its total debt submits a scheme of arrangement to its creditors with a view to avoiding a declaration of bankruptcy. A debt restructuring agreement, provided for by Article 182(2) of the act, is an out-of-court procedure whereby the insolvent company may enter into an agreement with