[BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN ITALY] 67
measures suitable to promptly detect the presence of a state of crisis have been made more important, first of all, the new provision of the negotiated settlement of the crisis . This is a new procedure that undoubtedly represents the most significant action in providing a new tool to support companies in difficulties. It is firmly aimed at their rescue and presents the following characteristics. In particular: i) This procedure can be used by all commercial entrepreneurs, as well as agricultural entrepreneurs that normally according to previous legislation cannot be adjudicated bankrupt -. ii) The appointment of an “expert” is required. The presence of this professional aims to
67 facilitate negotiations between the entrepreneur, the creditors, and any other interested parties in order to overcome the condition of equity or economic financial imbalance The expert must be registered in a dedicated professional register and also have previous experience of at least five years in the field of corporate restructuring and business crisis; Finally, another essential requirement for access to the procedure is the actual perspective of recovery, which is verified by conducting a test involving a preliminary assessment of the complexity of recovery through the relationship between the entity to the debt to be restructured and the cashflows that could be committed annually to servicing the debt.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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