In Short

The Situation: The COVID-19 pandemic is having an impact on businesses across various sectors in Italy.

The Action: Further to the Law Decree No. 18 of March 17, 2020 (the "Cura Italia Decree"), the Italian Government recently enacted the Law Decree No. 23 of April 8, 2020 (the "Liquidity Decree"), implementing a number of additional measures aimed at mitigating the adverse economic impact of COVID-19.

Italy recently enacted a new insolvency code (the "New Insolvency Code"), which takes effect August 14, 2020.

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.

On November 7, 2014, Judge Steven Rhodes, the judge presiding over the City of Detroit's bankruptcy case, announced that he would confirm the City's proposed Plan of Adjustment (the "Plan"), including the creditor settlements contained within that Plan. A more detailed written opinion will follow, but the opinion read from the bench on November 7, together with an earlier opinion in this case, are among the most important precedents in U.S. municipal bankruptcy law.

As attention shifts from the global financial crisis of 2008–2009 to the global sovereign crisis that currently is affecting much of Europe, lawmakers are scrambling to create new laws and regulations designed to stave off the next financial crisis.[1] Meanwhile, a different threat quietly has been growing in America's states, cities, towns, municipalities, and other political subdivisions.