The Italian bankruptcy laws have been reformed with the purpose to confront critical financial situations utilizing streamlined procedures aimed to overcome the bankruptcy. Below are summarized some of the procedure that could be utilized to avoid bankruptcy in compliance with the new laws:
- Apply the procedure of debit composition ‘on trust’ with creditors. (Article 161, co # 6, l.f.)
- Establish ‘Restructuring Agreements’ among the relevant parties. (art. 182a and 182b, l.f.)
- Adopt a ‘Recovery Plan’ involving all the relevant parties. (art. 67, l.f.)
However, the aforementioned process is complex and articulated and to be successfully ingrained require specific skills and professional experience which are one of the benchmark of our firm. For consumers and legal entities which are not subjected to bankruptcy proceedings, could be conducted the analysis and evaluation of the opportunities available and utilize specific settlement procedures for cases of financial crisis due to situations of Over-indebtedness’.