CRISIS AND INSOLVENCY LAW

Teaching is one of the related and supplementary courses of the Master’s Degree in Finance and Control Administration and aims to address – in its general terms, analysing its substantial and procedural elements – the law of business crisis and insolvency as reformed by the Code on Business Crisis and Insolvency (legislative decree of 12 January 2019, n. 14 and subsequent amendments; hereianfter the “Code”), which replaced the Bankruptcy Law (R.D. 16 March 1942, n. 267, subsequently amended) and the law on over-indebtedness (I. 27 January 2012, n. 3 and subsequent amendments).
The entry into force of the Code, with the exception of certain provisions, has been postponed to 16 May 2022 by the decree law (d.l.) 25 August 2021 n. 118 (the part concerning the corporate crisis alert tools will come into force on 31 December 2023), in order to allow its alignment to the Directive (EU) 2019/1023 on preventive restructuring frameworks and to the new economic enviroment which resulted from the COVID-19 epidemiologic emergency.
Furthermore, the aformentioned d.l n. 118/2021 has introduced, effective since 16 November 2016, a new negotiation and extrajudicial instrument, called the negotiatied settlement of the crisis. Such insrument is aimed at encouraging entrepreneurs in financial difficulties to identify possible options for entreprise-restructuring or rebalancing.
All the above will be taken into account in the course lectures. Nevertheless, comparative references will be made to the provisions regulated by R.D. n. 267 of 1942 and l. n. 3 of 2012, still effective, moreover because some provisions of the Code have been reproduced also from normative texts, de facto anticipating their implementation.
This subject is part of a curriculum that puts the enterprise at the centre, hence the importance to know the rules that regulate the crisis and its regulatory instruments. The single-view of the business crisis and insolvency adopted by the Code requires that the knowledge of this subject matter is complemented by the knowlege of the system that regulates over-indebtedness of non-entrepreneur subjects.

Students will be provided with the necessary tools for their future working position in case they will be dealing with enterprises or, more in general, with debtors’ (either entrepreneurs or not) crises

The knowledges of private and commercial law, or at least its basic principles

1.General profile of the regulatory framework of business crisis and insolvency. 2. Bankruptcy procedures: types, characteristics and assumptions.
3. The negotiated settlement of the business crisis.4. The applicable procedure to corporate alert and to the assisted settlement of business crisis. 5. General rules of procedure for crisis and insolvency . 6. Instruments for the settlement of the crisis: agreements. 7. (Followed by) Arrangement with creditors. 8. Judicial liquidation. 9. (Followed by) The liquidation and the agreement to the company’s judicial liquidation. 10. Provisions on business groups (conglomerates). 11. Applicable procedure to the regulation of over-indebtedness: debt restructuring for consumers; the minor agreement (“concordato minore”=; controlled liquidation.
12. Discharge of debt

One among the following:
- Pacchi – Ambrosini, Diritto della crisi e dell’insolvenza, 2020, Zanichelli (apart from chapter XIII)
- Nigro-Vattermoli, Diritto della crisi delle imprese. Le procedure concorsuali, 2021, Il Mulino (apart from chapters XXI, XXII and XXXIII)
- D’Attorre, Manuale di diritto della crisi e dell’insolvenza, 2021, Giappichelli (apart from chapters X and XI)
The Professor is currently working on a collection of lectures on crisis and insolvency law, to be published by Cedam.

The exam will be a written test (multiple-choice questions)

The course consists of 30 hours divided into 15 lessons of 2 hours each.
The teaching method aims at sparking students’ interest, encouranging their interaction and interventions, also to request clarifications and in-depth analysis of specific topics. During the classes, additional references will be provided to faciliate in-depth theoretical and practical analyses of the subject matter.
If any corrective decrees to the current text of the Code or other relevant provisions will be issued during the timeframe of the course, students will be birefed on and provided with the relevant material.

Italian

written

This subject deals with topics related to the macro-area "Circular economy, innovation, work" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development