Bankruptcy agreement procedure

Bankruptcy agreements are governed by Articles 124 to 141 of the Bankruptcy Law and aim to speed up bankruptcy proceedings. Bankruptcy proceedings are closed either on the liquidation of assets and distribution of the proceeds or as a result of a bankruptcy agreement.

Under Article 124, a bankruptcy agreement can be proposed during the course of a bankruptcy by:

The reorganisation effort of distressed companies often requires new funding. This has led the Italian insolvency system to abandon punitive solutions in favour of incentives for companies in distress. An interesting aspect of this change is represented by the new rules adopted in recent years with regard to financing granted by shareholders of companies in crisis.

Shareholder financing

Introduction

Introduction

Introduction

Following approval by the Chamber of Deputies on February 1 2017 and the Senate on October 11 2017, Law 155 (the delegation law) was finally published in the Official Gazette on October 30 2017 and came into force on November 14 2017.

Bankruptcy law reform

Introduction

Introduction

The draft reform act presented to the government in December 2015 by the Rordorf Commission (a ministerial commission established to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy) aims to:

Introduction

Introduction

On January 28 2015 the minister of justice set up the Rordorf Commission, a ministerial commission to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy. On December 29 2015 the Rordorf Commission completed its proceedings and submitted a draft statutory instrument delegating powers to the government "for a comprehensive reform of the existing rules on business crises and insolvency".