The Insolvency Code represents a comprehensive reform of the Italian legal framework of business crisis and insolvency.

Key Points:

..The “alert procedure” (procedura di allerta) offers out-of-court and confidential proceedings for overcoming a state of crisis of the debtor.

..New provisions regulate the certified recovery plans (formerly called “article 67 plans”).

..A new common judicial procedure aims to ascertain the occurrence of a state of crisis or insolvency and offers interim protection of the debtor’s assets.

..New rules apply regarding debt restructuring agreements, the requirements to access concordato preventivo proceedings, and the management of a crisis or insolvency of a group of companies.

..New features reorganize and simplify “debtor-in-possession” financing.