On August 3, 2012, the Italian Parliament converted into Law the Law Decree of June 22, 2012 containing new rules on restructuring proceedings aiming at reforming the Italian Bankruptcy system by increasing its efficiency and facilitating the reorganization of distressed debtors. The general framework and key principles of the reform set out in the Decree have not changed. However, the Legislature has refined certain procedural elements and clarified other key aspects of the Reform, including amendments to the early automatic stay procedure to avoid the filing of petition aimed only at deferring the debtor's insolvency, new procedures regarding voting on, or challenging the vote on, a plan of reorganization and new rules to further facilitate the granting of interim financing.View full memo, "The Italian Legislature Confirmed the Reform of Italian Bankruptcy Law: Highlights on Refinements and Clarifications to the New Rules on Restructurings"
