Government measures in key jurisdictions 5th edition - Flipbook - Page 78
Italy
Insolvency
The Italian Government has adopted – among others – the following measures:
Has the
•
government made
any changes
to insolvency
•
legislation?
•
•
•
Contractual
Issues
What measures
have been taken
to reinforce
contracts?
the automatic extension by six months of the deadlines for performing/fulfilling
composition with creditors plans and debt restructuring agreements
already validated by the competent Courts, if expiring after 23 February 2020,
the possibility to file a new composition with creditors plan/debt restructuring
agreement before the validation hearing or to request an extension of the term
for the filing of the composition with creditors plan/debt restructuring agreement (if not
filed yet), if the procedure is pending as of 23 February 2020;
the postponement of the entry into force of the new Code of Crisis and Insolvency from 1
September 2021, and
the disapplication, under certain circumstances, for losses arisen during the fiscal year
ending 31 December 2020, of the provisions that require: either the reinstatement of
the registered capital, when it has been reduced by more that 1/3rd as a consequence
of losses, or the winding up of the company. Particularly, the time limit to comply to the
obligations indicated and the non-application of the cause for winding up the company
is postponed until the fifth year after the year in which the losses emerged,
Starting from 4 December 2020, the Court can validate the composition with creditors
plan and debt restructuring agreement even in absence of a vote by the financial
administration or by the bodies that manage compulsory forms of social security or
assistance when their approval is decisive for the achievement of the majorities and
when the proposal to satisfy the administration or the bodies is convenient with respect
to the bankruptcy procedure.
Under a general provision, any action taken to ensure compliance with the measures
adopted by the Italian Government to contain Covid-19 emergency should be taken into
account for the purposes of excluding debtor’s liability – pursuant to the Italian Civil
Code – for delayed or omitted performance, also in relation to the application of any
related forfeiture terms or penalties.
Besides the above, all contractual remedies provided for under Italian civil law shall apply.
A tax credit equal to 60% of the rents due in March, April and May 2020 is granted to
tenants of shops and similar properties falling within the C/1 properties category. Such
Have any changes tax credit can be used to offset future liabilities and cannot be claimed for refund.
been made to
The statute of limitations for natural persons willing to enjoy the “first home” registration tax
the laws around
regime
is suspended between 23 February and 31 December 2020.
property, rent and
enforcement?
As to enforcement of Court measures for the release of properties also for non-residential
Property
use are suspended until 30 June 2021 in case of (i) release for failure to pay the rent at the
due dates or (ii) release due to transfer of foreclosed properties inhabited by the debtor and
its family members. All other measures for the release of properties also for non-residential
use were resumed starting from 1 January 2021.
Garnishments proceedings over “first home” properties are suspended until 30 June 2021.
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Government measures in key jurisdictions
