After several attempts to reform and improve Italian bankruptcy law, most of which dates back to 1942, a partial reform has been accomplished by the Italian legislature through the very recent enactment of the Legislative Decree 2005, n. 35.
The bankruptcy law is a twofold system, providing for, on the one hand, procedures aimed at the liquidation of the insolvent entity, such as bankruptcy procedures or compulsory administrative liquidation and, on the other hand, procedures aimed at resolving the state of financial crisis of the relevant entity, such as controlled administration procedures, the procedures for reaching a creditors’ agreement and procedures for the extraordinary administration of large companies in financial crisis in all of their different corporate forms.
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