The Act, which received Royal Assent as long ago as 25 March 2010, is finally due to come into force on 1 August 2016. It has the intention of allowing third parties to make claims directly against liability insurers in insolvency situations.
1930 Act
On July 30, 2010 the Italian Parliament passed Law 122/20101 which, among others, improved the restructuring proceedings governed by the Italian Bankruptcy Law2 (“IBL”).
The improvements operate on two fronts of restructuring deals which had proven to be still unclear (and thus risky) despite the recent reform:
Italy, Insolvency & Restructuring, Orrick, Herrington & Sutcliffe LLP, Bankruptcy, Shareholder, Debtor, Unsecured debt, Mortgage loan, Negligence, Capital punishment, Bridge loan, United States bankruptcy court