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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