Il D.L. 24 agosto 2021 n. 118 (Decreto Crisi d’Impresa) è ora legge: il 23 ottobre 2021 è stata pubblicata in Gazzetta Ufficiale la L. 147/2021 di conversione del D.L.
On 24 August 2021, Law Decree No. 118 of 24 August 2021 (the “Decree”) was published in the Official Gazette. By the Decree, the Italian legislator aims to fill the gap created by the futher postponement of the entry into force of Legislative Decree No.
The conversion into statute on 23 October 2021 of the so-called Business Distress Bill adds new provisions to those recently adopted by the Italian government to address corporate distress following the COVID-19 pandemic, to provide companies with new legal tools to prevent the onset of economic distress or overcome reversible financial instability.
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
On October 21, 2021, the Italian Parliament has definitively approved the conversion into law of Law Decree no. 118/2021, introducing "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Decree").
In her recent keynote speech, delivered at the 25th IBA Competition Conference on 10 September 2021, European Commission (the Commission) Executive Vice President Margrethe Vestager called for a green revolution—the replacement of a linear economy with a circular one, coupled with investments in infrastructure.
The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the framework set forth by Directive (EU) 2019/1023.
By Law Decree No. 118 dated 24 August 2021 (the "Law Decree"), the Italian government has postponed the entry into force of the Insolvency Code, which provides for an in-depth reform of the Italian insolvency law.
Antitrust team leader Edoardo Cazzato joins the firm with team
At the Council of Ministers meeting of August 6, 2021, a draft Law Decree was approved to postpone the entry into force of the Business Crisis Code until May 15, 2022. At the same time, the introduction of the negotiated settlement for the solution of the business crisis was provided for as of November 15, 2021.
Italian bankruptcy law: the new provisions brought by Law Decree No. 118/2021 and the so called "negotiated settlement procedure" aimed at solving business crises.
In order to support businesses to face with the economic and financial crisis caused by SARS-Cov-2 emergency, the Law Decree No. 118 of 24 August 2021 has introduced "urgent measures concerning company crises and business reorganisation, as well as further urgent measures on justice" (the "Law Decree No. 118/2021").
Following its approval on 5th August 2021 by the Council of Ministers, the Law-Decree n. 118 was published on 24th August into the G.U. n. 202 about the topic of "Urgent measures in the field of business crises and business reorganisation, as well as further urgent measures in the field of justice".
Firstly, the Law-Decree postpones the entry into force of the Italian Crisis Code until 16th May 2022 (Art. 1, letter a), further postponing to 31 December 2023 the “crisis alert related procedures” introduced by Article 12 of the Crisis Code.