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ITALY MOVES FORWARD AMENDING BANKRUPTCY LAW

Since 2005, the focus of the Italian Bankruptcy Law has moved from liquidation to reorganization of distressed companies through the introduction of new insolvency proceedings, among which reorganization 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.

Most recently, in August 2012, Law no. 134, conversion of the Law Decree No. 83/2012 so called “ Decree on Development” has been deeply impacted the existing system introducing  several new rules aimed at simplifying the access to proceedings alternative to bankruptcy with an appreciable attempt to fill the regulatory gaps. More…