Introduction
In our Q3 2021 issue of the International Restructuring Newswire, we provided an overview of the main features of Italy’s New Code of the Business Crisis and Insolvency (the New Code). We noted that the unpredictability of the evolution of the COVID-19 pandemic caused the Italian Government to postpone for one year (from August 2020 to September 2021) the effective date of the New Code and the implementation of the New Code. The effective date of the New Code has been further postponed by the Italian Government.
In August 2021, the Italian Government passed Law Decree n. 118/2021 (Law Decree 118/2021), providing for the postponement until May 16, 2022 of the entry into force of the New Code and until December 31,…