KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER ITALIAN LAW -

1. Presentation of the judicial liquidation/insolvency/rehabilitation proceedings in Italy and their main characteristics.

The current legislation for judicial liquidation, insolvency and rehabilitation proceedings has recently been reformed on February 14, 2019. On this date the New Code of Business Crisis and Insolvency has been published in the Official Gazette (Legislative Decree 12 January 2019 No. 14), replacing the Royal Decree n° 267/1942.

This reform which was initially to enter into force in its entirety on August 15, 2020, due to the current emergency situation, the Law Decree 23 of April 8, 2020 containing “Urgent provisions to support companies’ liquidity and export” has delayed the entry into force, as stated in article 6, to September 1, 2021.