As the country recovers from the shock outcome of last Thursday’s Referendum, the question which Restructuring professionals must now consider is “what does Brexit mean for me?”. The truth is that nobody really knows. The Referendum decision is not legally binding on the UK Government and the process of the UK leaving the EU will only start once the UK has served formal notice on the EU pursuant to Article 50 of the Treaty on the European Union. This will start a two year negotiation period to effect Brexit.

On 23 June 2016 a 52% majority of the British people voted in favour of leaving the European Union. It seems likely that the immediate effect of the Brexit vote will be a degree of turmoil in the financial markets, involving, for instance a devaluation of Sterling against the Euro and of the Euro against the USD.

Chances are those well-known eloquent lyrics have stirred up some patriotic spirit from somewhere deep within even the most sporting averse of us.

With the 2016 summer of sport fast upon us the effect of the Euros, Wimbledon and the Olympics could have a significant impact on the economy (and the nerves) of the nation.

Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance is the introduction of a new type of floating charge, namely “non-possessory pledge”, provided for by art. 1 of the Law Decree.

Il decreto legge n. 59 del 3 maggio 2016, pubblicato in pari data in Gazzetta Ufficiale Serie Generale n. 102, entra in vigore in data odierna, 4 maggio 2016, pur richiedendo formale conversione in legge entro 60 giorni, pena la perdita di efficacia.

Recent key reforms have been brought to Italian Law by Law Decree no. 59 of 3 May 2016, which is already in force although it will require formal conversion into Law within 60 days in order not to lose its validity.

Among the provisions of the Law Decree, of particular relevance are the introduction of a new type of floating charge, namely “non-possessory pledge”, and the possibility for the lender to appropriate the secured property in case of continuing default by the borrower.

In case you have just returned from Outer Space- the UK Government has announced that it is holding a referendum on 23 June 2016 on the question:

“Should the United Kingdom remain a member of the EU or leave the EU?”

In the meantime, whilst the UK decides whether to Brexit or not, the EU Commission is taking a “business as usual” stance.

The UK’s EU Referendum on membership is looming on the horizon – What are the legal implications of a so-called “Brexit” for restructuring and insolvency professionals?

The EU Referendum Act 2015 obtained Royal Assent on 17 December 2015 and provides for the following question to be put forward for voting in a referendum in the UK until the end of 2017: “Should the United Kingdom remain a member of the EU or leave the EU?”

Il Decreto Legge n. 83 del 27 giugno 2015, convertito dalla Legge n. 132 del 6 agosto 2015, pubblicata in Gazzetta Ufficiale il 20 agosto 2015 (la “Legge 132”) ha introdotto una serie di misure di sostegno per la crescita economica relative alle procedure pre-fallimentari, a quelle esecutive e a specifici benefici fiscali.

1. MODIFICHE ALLE PROCEDURE PRE-FALLIMENTARI

• Previsioni generali relative alla procedura di concordato preventivo

Law Decree no. 83 of 27 June 2015, recently converted into Law 132/2015, which was approved on 6 August 2015 and published on the Official Gazette on 20 August 2015 (the “Law 132”) introduced a number of measures aimed at enhancing the economic growth mainly related to pre-insolvency procedures, enforcement procedures and fiscal benefits.