Italy Restructuring Update – June 2013 - .PDF file.
The Italian government provisionally approved certain minimal amendments to the rules governing the concordato preventivo proceedings. The amendment will now have to be approved by the Italian Parliament before becoming final.
The provisional amendment resizes the recent and relevant amendment of September 2012: the so-called ‘blank filing’ (‘concordato in bianco’), i.e. the possibility for the insolvent debtor to file for the proceeding without a drafted plan that can presently be filed within a term (granted by the relevant court) of 60−180 days, depending on the circumstances.
The ‘blank filing’ was enacted on September 2012 in order to permit insolvent companies to avoid the opening of ordinary bankruptcy proceeding (fallimento) and immediately stopover enforcement actions on the assets in order to give relief for planning the restructuring (i.e. automatic stay)…
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