Giorgio Cherubini and Giovanna Canale explain the main important changes to the new Italian restructuring law.
Since 2005, the focus of the Italian Bankruptcy Law has moved from liquidation to restructuring of distressed companies through the introduction of new insolvency proceedings, among which restructuring plans and debt restructuring agreements have to be mentioned, with a view to preserving the value of the business and allowing it to possibly make a fresh new start. The authors describe the details of the new provisions.
In this article, Giorgio Cherubini examines, in the form of questions and answers, the most common forms of security granted in Italy over immovable and movable property explaining what formalities must the creditor and the debtor comply with.
Italy has recently enforced new provisions concerning the management of banks’ and intermediaries’ crises following the European Union Directives, concerning the rescue of four Italian banks; the author describes the details of the new provision.
Following the guidelines of Directive 2014/59/EU2 which foresees the bank rescue through a process known as “bail-in”, two legislative decrees, namely 180/2015 and 181/2015, have been published in the Official Gazette 267 on November 16, 2015.