Coronavirus - Government measures in key jurisdictions - Flipbook - Page 52
Italy
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Insolvency
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D. Additional leave for disabled people: the ordinary leave granted to people with
serious disabilities or employees who take care of people with serious disabilities
(Law no. 104/92) is increased by 12 days in March and April 2020 (to be added to
the ordinary 3 per month). The leave is paid by INPS (without salary reduction).
•
E. Employees affected by COVID-19 or quarantined: in both cases employees
must be considered on sick leave. If COVID-19 has been contracted on the
workplace, the periods of quarantine and self-isolation are considered leaves
due to accident at work and thus indemnified by the competent public insurance
authority (INAIL).
The Italian Government has adopted – among others – the following measures:
•
Has the
government made
any changes
•
to insolvency
legislation?
Contractual
Issues
What measures
have been taken
to reinforce
contracts?
the inadmissibility of petitions for bankruptcy and for insolvency of large companies
filed from 9 March 2020 until 30 June 2020,
the extension of the deadlines for performing/fulfilling composition with creditors
plans and debt restructuring agreements already validated by the competent
Courts, if expiring between 23 February 2020 and 31 December 2021,
•
the possibility to file a new composition with creditors plan/debt restructuring
agreement before the validation hearing or to request an extension of the term for
the filing of the composition with creditors plan/debt restructuring agreement (if
not filed yet),
•
the postponement of the entry into force of the new Code of Crisis and Insolvency
from 1 September 2021, and
•
the disapplication until 31 December 2020, under certain conditions, of the
provisions that require: either the reinstatement of the registered capital, when it
has been reduced by more than 1/3rd as a consequence of losses, or the winding
up of the company.
No specific measures have been adopted to reinforce contracts, except for a general
provision concerning delays or non-performance of contracts due to implementation
of the emergency measures adopted by the Italian Government. Under such general
provision, any action taken to ensure compliance with the measures adopted to contain
COVID-19 emergency should be taken into account for the purposes of excluding debtor’s
liability – pursuant to the Italian Civil Code – for delayed or omitted performance, also in
relation to the application of any related forfeiture terms or penalties.
Besides the above, all contractual remedies provided for under Italian civil law shall apply.
Government measures in key jurisdictions
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