Vol 16 (2019) - Issue 2

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Overview and First Thoughts on the New Italian Insolvency Code

Synopsis

After several partial reforms over a period of 77 years, the Italian Bankruptcy legislation has been completely changed by means of a new Insolvency Code. The purpose of this article is to go through some of the main features of this Insolvency Code and to highlight some debatable aspects of the reform still likely to be more closely analysed and evaluated by the Legislator.

1. Introduction

On 12 January 2019 the Italian Government approved Legislative Decree No. 14 ('Decree'), which implemented Law 19 October 2017 No. 155 – 'Legge Delega' – introducing, in Italy, a new Insolvency Code entitled 'Codice della Crisi di Impresa e dell’Insolvenza', dealing with crisis and insolvency situations impacting entrepreneurs and replacing both the Bankruptcy Law, i.e., Royal Decree 16 March 1942 No. 267, which had been amended several times over the years, and the rules on over-indebtedness crises provided by Law 27 January 2012 No. 3.