Clifford Chance

New scenarios in the Italian restructuring market – the business crisis and insolvency code

25 July 2022

On 15 July 2022 the Italian Business Crisis and Insolvency Code ("Code") entered into force. The Code has been updated by the recently enacted Legislative Decree 83 of 17 June 2022, which also implemented EU Directive 2019/1023 (the so-called Directive on restructuring and insolvency). In line with this Directive, the Code aims to ensure that distressed situations are detected early and debtors can quickly react by availing themselves of the preventive restructuring frameworks available. These frameworks are now more flexibile, offer enhanced "contractual" restructuring solutions and have been made more accessible.

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