On 15 June 2012 the Italian Government enacted the legislative decree known as decreto sviluppo (the “Decree”) that, among others, includes provisions enhancing the restructuring proceedings under the Italian Bankruptcy Law (“IBL”).

The purpose of this reform is to boost the restructuring and reorganization of stressed/distressed undertakings in order to better cope with the current financial crisis. To achieve this objective the Decree has leveraged on three main factors: flexibility of the process, reliability of the restructuring plan and fiscal appeal.