Italian Bankruptcy Law - The New Concordato Preventivo - The Italian Chapter 11?

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Italian legislator recently intensely amended the statute (i.e., Italian Bankruptcy Law - "IBL") concerning the concordato preventivo proceeding. The new rules are effective since September 11, 2012. The concordato preventivo proceeding is substantially a restructuring instrument concerning a composition with the creditors to be reached through the vote of the creditors by way of a plan filed by the debtor, under the control of the relevant bankruptcy court.

Can we deem the Italian concordato preventivo to be the new Italian Chapter 11?

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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