What has changed since the bankruptcy reform?
Changes after Bankruptcy reform
On Thursday 15 March 2018, at 6.00 pm, at the Lalita bank, located in Via Cicerone 54 in Rome, the Guide to the Bankruptcy Reform will be presented, a systematic comment on the articles 1-8 of the L. 19 October 2017, n. 155 (GU n. 254 of 30 October 2017), authorizing the Government to reform the disciplines of business crisis and insolvency. Through the analysis of the single articles and the continuous use of tables, the reform is read in a simple but punctual way, highlighting the differences between the old and the new discipline.
Law 155/2017 radically changes the system of Sir Anthony Absolute bankruptcy, still focused on the provisions of the Royal Decree 267/1942. Among the most significant innovations it is recalled that the term bankruptcy disappears from the Italian judiciary and is replaced from the judicial liquidation term; the curator assumes the role of guide with greater powers than the current ones.
Among the topics covered :
Debt restructuring agreements and recovery plans
Article 5 indicates the principles and criteria pre-ordained for encouraging out-of-court crisis settlement instruments, already present in the Italian legal system following the recent reforms, more precisely, the debt restructuring agreements referred to in article 182 bis of the bankruptcy law.
The recent reforms have, as is known, highlighted a new point of view regarding business crisis, placing the company at the center of the system regulatory in order to preserve its value and to protect the interests of the community, with particular regard to those of the creditors and of those who lend themselves their work.
In this perspective, it is the recovery of the company in crisis that takes on a priority position; the liquidation purpose arises only as an eventual phase. It is therefore possible but, in any case, not exclusive, subject to the prior verification of the recoverability of the company.
The entrepreneur in a state of crisis can request, by depositing the documentation referred to in article 161, the approval of a debt restructuring agreement stipulated with creditors representing at least sixty percent of the credits, together with a report drawn up by a professional, designated by the debtor, in possession of the requirements pursuant to article 67, third paragraph, letter d) on the truthfulness of the company data and on the feasibility of the agreement itself with particular reference to its suitability to ensure full payment of foreign creditors in compliance with the following terms: a) within one hundred and twenty days of approval, in the case of credits already expired on that date; b) within one hundred and twenty days of expiration, in the case of credits not yet due at the date of approval.
The agreement is published in the register of companies and takes effect on the day of its publication. From the date of publication and for sixty days creditors by title and case prior to that date cannot initiate or continue precautionary or executive actions on the debtor’s assets, nor acquire pre-emption securities unless agreed. The second paragraph of Article 168 applies.