News

Delegation to the Government for the reform on corporate crisis and insolvency

Mar 30 2017

Author: Giorgio Cherubini

After the favorable review by the 10th permanent Committee, the Chamber of Deputies has approved the draft law on the "Delegation to the Government for the reform on corporate crisis and insolvency", in order to have a comprehensive reform of corporate crises based on a new approach to bankruptcy. In particular, by introducing a preliminary phase of alert and simplifying the access to recovery plans and debt restructuring agreements.

Giorgio Cherubini

Now the draft is under examination of of the Senate for the second parliamentary passage. The draft law defines the guidelines for the comprehensive reform on bankruptcy proceedings, providing:

  • the explicit contribution "of the elaborations of corporate science" in order to define the state of crisis as a chance of future insolvency;
  • the priority treatment of proposals which involve overcoming the crisis by ensuring business continuity, even through an entrepreneur different from the debtor;
  • the definition of "cases" of legitimacy of a third party to promote said composition proceedings against the debtor experiencing the state of insolvency "and not a mere crisis".

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