Italian insolvency law keeps popping up on the political agenda. Following the collapse of dairy giant Parmalat, there was widespread recognition that a new legal framework was required for large-scale insolvencies. From 2003 through until the end of 2007 there have been four significant amendments to Italian insolvency laws. Happily, Parmalat is now in much better shape than before and many present this as proof that the reforms have been successful. However, as the credit crunch begins to bite it is becoming increasingly clear that the Italian distressed market still faces some difficult questions – and yet provides some clear opportunities.
Operational v functional
