Assignment of Healthcare Receivables to Italian SPVs – Need of Acceptance by the Debtor

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The Italian Parliament has converted into Law the Italian Law Decree No. 34 of 19 May 2020 (the "Rilancio Decree"). The law of conversion of the Rilancio Decree was published on the Italian Official Gazette of 18 July 2020 and it entered into force on 19 July 2020. These new provisions can have a potential impact on the procedures to be followed by the Law 130 SPV for the purchase of certain healthcare receivables in the context of Italian Securitisation Programmes.

The Italian Parliament has converted into Law the Italian Law Decree No. 34 of 19 May 2020 (the "Rilancio Decree").

Article 117, paragraph 4-bis ("Article 117.4bis") of the Rilancio Decree has introduced specific measures regarding the assignment (the "Assignment") of certain commercial health care receivables (the "HCReceivables") vis-à-vis Italian entities (e.g. local authorities) (the "Debtors").

In particular, Article 117.4bis provided that the HCReceivables which are:

(a) existing, due payable (certi, liquidi e esigibili);

(b) vis-à-vis the entities belonging to the National Health System (Servizio Sanitario Nazionale);

(c) deriving from agreements entered into under Art. 8-quinquies of Legislative Decree 502/1992 (i.e. "accreditamento" regime); and

(d) which have not been certified trough the electronic platform pursuant to Article 7 of Legislative Decree No. 35 of 8 April 2013 (the "Platform"),

can be transferred, also pursuant to Law No. 130 of 30 April 1999 (Securitisation Law), exclusively upon:

(i) notification of the Assignment to the relevant Debtor; and

(ii) explicit acceptance of the Assignment by the relevant Debtor.

The Debtor shall have 45 days from the date of notification of the Assignment to make the relevant inquiries/verifications and inform both the assignor and the assignee of its acceptance or refusal of the Assignment. After the expiry of 45 days without the relevant acceptance by the Debtor, the Assignment shall be deemed as rejected.

In any event, the Assignment of the Healthcare Receivables (even if certified through the Platform) shall be notified to the relevant Debtors.

It is also specified that the Debtor cannot be deemed liable for any payments made to the assignor prior to notification of the Assignment.

You can read the Italian version of Article 117.4bis at this link.

The law of conversion of the Rilancio Decree entered into force on 19 July 2020.

These new provisions can have a potential impact on the procedures to be followed by the Law 130 SPV for the purchase of HCReceivables in the context of Italian Securitisation Programmes.

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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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