The Italian insolvency framework makes several restructuring tools available to firms and their creditors, so that distress does not necessarily lead to liquidation. This paper analyses two such instruments: debt restructuring agreements (DRAs) and compositions with creditors (CCs), both...

The paper was written as part of the preliminary research for the Human Centred Business Model Project, a project developed within the Global Forum on Law, Justice and Development and now supported by the OECD Development Centre. In a preliminary fashion, the paper skims the surface of...

Though now possible, no European state is competing for incorporations, and this is unlikely to happen in a general fashion. In this paper I argue, however, that the possibility of one state competing for one specific segment of the market for incorporations should not be ruled out altogether....

The Reform of the Bankruptcy Act carried out in Italy in 2005-2007 introduced two forms of workout agreements (out-of-court reorganization plans and court-controlled multi-party agreements). The two devices are mainly conceived as a safe harbour from fraudulent conveyance and preference law. A...

The Italian insolvency and pre-insolvency frameworks have been reformed recently (2019). This paper recalls the intense period of reforms in Italian insolvency law, started in 2005 and culminated with the new ‘Code of enterprise crisis and of insolvency'. The Code introduces new rules for...

It is normal for companies, during their life cycle, to alternate between positive and negative phases, periods of success and failure. When a negative period shifts from temporary to structural and chronic (and thus continues over time), the company is often destined to go bankrupt. The...

Italian Abstract: Lo studio fornisce un ampio insieme di nuove evidenze empiriche sull'impiego e sul funzionamento delle procedure di concordato preventivo basate su un dataset, appositamente assemblato, che costituisce la più ricca base informativa al momento disponibile. I concordati sono...