Italy recently enacted a new insolvency code (the "New Insolvency Code"), which takes effect August 14, 2020.
On January 10, 2019, the Italian government approved the Code for Distress and Insolvency (Codice della Crisi d’Impresa e dell’Insolvenza—the "CDI" ) as part of Legislative Decree No. 14 of 2019, to replace the Italian Bankruptcy Law of 1942. With certain exceptions, the CDI will enter into force on August 14, 2020, unless amended by the Italian Parliament prior to the effective date.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
In Short
The Situation: The Italian Parliament recently approved the Conversion Law of Decree no. 50, dealing with, among others, securitization regulations.
The Result: The Conversion Law expands the scope of the "Law 130 Vehicle" for the sale of certain securitized assets due to an insolvency or restructuring.
Looking Ahead: The new provisions should attract new investment and make it easier for banks and other financial intermediaries to dispose of nonperforming leases and other claims.
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
Recent Developments
During the last two years, the Italian government has focused on reforming the Italian lending market, with the aim of boosting access to financing for Italian businesses and improving bankruptcy and enforcement proceedings in Italy. As part of this reform process, the Italian Council of Ministers enacted Decree No.
Recent Developments