Authors: Ettore Consalvi, Francesco Faldi, Stefania Farabbi

Law Decree no. 118/2021 – Urgent measures for debtors in distress

On 24^th August 2021 the Law Decree no. 118/2021 (“the Decree”(The Decree needs to be converted by the Italian Parliament into law within 60 days from its entry into force.)) has been published in the Official Journal. The Decree, inter alia, (i) postpones the entry into force of the Crisis and Insolvency Code, (ii) introduces certain new and innovative turnaround and insolvency tools and (iii) makes certain changes to the provisions governing the debt restructuring agreements under the current Italian Bankruptcy Law (“IBL”).