Italy – Enterprises and Bankruptcy Law (The so-called “blank application for arrangement with creditors”)

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Italy – Enterprises and Bankruptcy Law (The so-called “blank application for arrangement with creditors”): The Italian National Council of Notaries, with Study no. 100/2013 published on April 19, 2013, has examined in depth one of the types of pre-insolvency proceeding allowed by the Italian legal system, known as arrangement procedure with creditors “in blank”, which is governed by bankruptcy law (Article 161, paragraph 6, of the Bankruptcy Act, as amended by Article 33 of Legislative Decree 83/2012, converted into Law 134/2012). The Council pointed out that the possibility to activate with an incomplete application (to be integrated within the period fixed by the judge) the arrangement with creditors has got the effect to increase considerably the applications submitted. However, the Council also highlighted that there is a risk of unfair use of this juridical instrument which may be used with the aim of expanding in an abnormal way the duration of the proceedings with consequent unequal and unjustified sacrifice of the creditors’ rights. The confirmation thereof is the existence of several court judgments which have ascertained the deviance from the typical aims of this proceedings which has been created to deal with and compose the business crisis.

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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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