Implementing the Restructuring Directive in Italy
Italy, as well as other countries, including Ireland, Cyprus, Finland, Denmark, the Czech Republic, Latvia, Luxembourg and Slovenia, has asked the European Commission to extend the deadline for implementing the Directive by one year, making reference to the possibility provided for in Art. 34 para. 2 of the Directive in the event of foreseeable difficulties in implementation. This is essentially due to the fact that the implementation of the Directive must be coordinated with the existing Crisis Code.
The Italian Crisis Code was originally intended to enter into force on 01.09.2021, although a postponement of the entry into force is expected in view of the economic consequences triggered by the pandemic. Although the general structure of the Crisis Code is consistent with the European requirements, there is no lack of coordination deficiencies. In addition to eliminating the contradictions, the implementation could therefore also be an opportunity to take advantage of the opportunities offered by the harmonisation of European law. In Italy, the government has set up a commission that not only has to assess the possible critical aspects of some provisions of the Crisis Code, taking into account the economic context changed by the pandemic, but which is also supposed to formulate proposals for the integration of the Crisis Code in the implementation of the Directive.
Autor: Cristina Turcato