The Amendment applies to all proceedings pending as of its effective date, as well as to those initiated thereafter, with the sole exception of the provisions related to the new tax settlements, which apply only to proposals submitted after the Amendment’s effective date.
Below is an overview of the key changes introduced by the Amendment.
General principles, crisis detection
The Amendment:
- Extends the duty of fairness and good faith, already imposed on the debtor and creditors, to all “interested parties” involved in the restructuring;
- Imposes on the statutory auditors and/or auditors (revisore legale) the obligation to report the existence of conditions of crisis or insolvency that may trigger access to negotiated…
