Country Report_Italy - by Eugenio VACCARI

On 11 October 2017 the Senato della Repubblica approved the final version of a law aimed at systemically reforming Italian insolvency law, which in its fundamentals dates back to 1942. Law no. 155/2017 (‘the act’) has been published on the Gazzetta Ufficiale on October 30, 2017 , and entered into force on 14 November 2017 (Year 158, No. 254). This reform is based on the preparatory work of the ‘Rordorf Commission’, a group of experts appointed by the Ministry of Justice in January 2015 with the task of writing a reform proposal to modernise insolvency statutes. Both the commission and the government have been inspired by the desire to introduce and comply with international best practices set out by the UNCITRAL and the EU (although quite oddly no mention is made to the 2016 Proposal for a EU Directive on Insolvency, Restructuring and Second Chance).