News
Approval of the Bill delegating the Government to reform insolvency proceedings
- 16/10/2017
On 12th October 2017, the Bill delegating the Government to reform the legislation on insolvency procedures has become law.
Among the new provisions are: (i) the disappearance of the word “fallimento” (bankruptcy), now to be called “liquidazione giudiziale” (judicial liquidation); (ii) the possibility for a debtor to start an alert procedure, so as to reach, with the assistance of an appropriate entity of Chambers of Commerce, an agreement with his creditors; (iii) additional powers to the “Curatore”, who will carry out by himself the distribution of assets to creditors; (iv) as far as “concordato preventivo” (composition) is concerned, there will be incentives for those companies planning to keep doing business; compositions aiming at liquidating all assets will still be allowed, provided that such procedures guarantee the distribution of not less than twenty per cent of outstanding debts.
Within the next twelve months, the Government will have to draw up one or more Legislative Decrees for the reform of legislation on insolvency proceedings.
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