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ARTICLE · 24 SEPTEMBER 2021

The Italian Insolvency Code—A Work In Progress: Timing And News

Jones Day
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The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact...

ItalyInsolvency/Bankruptcy/Re-Structuring
Francesco Squerzoni
Francesco Squerzoni
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The Italian government has postponed again the entry into force of Legislative Decree No. 14 dated 12 January 2019 (the "Insolvency Code"), taking into account the COVID-19 impact on the socio-economic scenario and the framework set forth by Directive (EU) 2019/1023.

By Law Decree No. 118 dated 24 August 2021 (the "Law Decree"), the Italian government has postponed the entry into force of the Insolvency Code, which provides for an in-depth reform of the Italian insolvency law.

In particular, the entry into force of the Insolvency Code, which was meant to become effective starting from 1 September 2021, has been postponed to 16 May 2022, and the early warning procedures for identifying and potentially remediating early-stage crises (i.e., Title II of Part I of the Insolvency Code) has been postponed to 31 December 2023. This postponement will allow the Insolvency Code to be better tailored to the new Italian socio-economic scenario, which has been severely

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